REALTORS® serving Calgary and area

Aug. 01, 2013 | Cody Stuart

Brookfield Place Announces Anchor Tenant

Brookfield Office Properties Inc. has announced Cenovus Energy Inc. will be the anchor tenant for their new 56-storey, 247-metro tower in downtown Calgary.

Expected to create 1,300 construction jobs and 7.5 million construction man-hours in Calgary, the entire project calls for an additional office tower totaling approximately one million square feet, a 60-foot-high transparent glass pavilion, restaurants, retail shops and amenities at street level, and underground parking accommodating 1,100 parking stalls. Once completed, Brookfield Place will be the tallest structure in Western Canada.

"I am very pleased to welcome this new and stunning addition to the dynamic Calgary skyline," said Mayor Naheed Nenshi. "Brookfield and Cenovus are demonstrating their confidence in Calgary as an economic hub." Cenovus will lease one million sq.ft. of the 1.4 million sq. ft. east tower, with construction scheduled to commence in September 2013. Completion is expected in the latter half of 2017.

Previously known as '225 Sixth' and the former site of the Calgary Herald building, Brookfield Place Calgary will be a full-block development site bordering First and Second Streets SW and Sixth and Seventh Avenues SW.

A lit public plaza will traverse the site and will feature restaurants and cafés, public art displays, cultural activities and programmed activity provided by Brookfield's award-winning Arts & Events program.

The development will be constructed to a high standard of sustainability and is expected to achieve the LEED Gold standard for core and shell development. Commuters will have direct access to the plus-15 skywalk system and the Calgary LRT on 7th Ave. The property will house a bicycle parking facility accessible by dedicated bike ramps separate from vehicular traffic and electric car plugin recharge stations.

The news comes just as a report from Colliers International shows leasing activity in Calgary's downtown office market has slowed slightly from the record levels seen last year. Calgary's downtown office market experienced negative absorption of 269,967 sq. ft. during the second quarter of 2013, with overall vacancy increasing to 5.03 per cent from 4.35 per cent at the end of the first quarter.

Along with Brookfield Place, new AA Class developments currently under construction include Cadillac Fairview's City Centre site, Oxford's Eau Claire Tower, The West Tower of Eighth Avenue Place and the recently announced Telus Sky mixed-use development.

The 750,000 sq. ft. Telus Sky mixeduse tower will incorporate office, retail and residential space and 430,000 sq.ft. of office space. The development, scheduled for completion in the fall of 2017, will provide approximately 250 jobs for Calgarians, and engage local trades and companies to complete our vision.

Telus will be the anchor tenant of the office component of the development, which will also include 341 residential rental units.

Tagged: Brookfield Property | Calgary Commercial Real Estate | Calgary Real Estate | Calgary Real Estate News | Cenovus Energy | Downtown Calgary | Mayor Naheed Nenshi

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