Canadian buyer procures the famous Uptown building
The well-know 2525 McKinnon office building situated at Cedar Springs and McKinnon Street. The high-profile building has received several offers from various buyers but the Vancouver-based City Office REIT Inc. was lucky enough to buy it at the end of the day.
Situated across the street from the Crescent and the new McKinney and Olive tower, the 8-storey granite-clad building had been wanted by many.
According to real estate agents, the 112,000 -square-feet building which was built in 2003 was sold for $47 million or over $400 per square foot.
The building currently leased to tenants such as the Retail Connection, Staffelbach, Hunt Mortgage Group and Aramark Services is almost out of space.The building was previously owned by Seattle-based Talon Private Capital and was advertised by Holliday Fenoglio Flower LP.
Even though there are other large buildings in the area, the property was appealing to many investors as it is situated at a very key location.
The high price for the building came as a result of numerous office spaces sold last year. The 21-storey McKinney Avenue office building sold for $220 million to German buyers or $504 per square feet.
The 19-storey Seventeen McKinney tower sold for $188 million to Gaedeke Group whereas the 17-storey One Victory Park office tower sold for roughly $180 million.All these buildings are much larger than the 2525 McKinnon building.