Deka Immobilien sells trophy office building in Vancouver (DE/CA)
Friday 18 May 2012
Savills has advised Deka Immobilien on the sale of Bentall 5, a trophy office tower located at 550 Burrard Street in Vancouver, British Columbia, Canada, to North American real estate advisor Bentall Kennedy in an off-market transaction.
The 54,473 m² skyscraper is located in the financial district of downtown Vancouver. Arranged over 34 floors with an attached restaurant pavilion, the property is the most recently developed ‘AAA’ building in the central business district, and a Vancouver landmark.
Robert Stamm, Managing Director of Savills’ US cross-border team, commented: “The downtown market in Vancouver has a scarcity of trophy investment opportunities and this asset therefore presented a rare opening. As the original developer of Bentall 5 and the property manager since its inception, Bentall Kennedy has an intimate familiarity with the property and was a natural fit for the acquisition.”