Burnaby, BC - Metro Vancouver today announced the acquisition of Metrotower III, located in Burnaby’s Metrotown Centre from Ivanhoé Cambridge. Opened in 2014, the 29-storey LEED® Platinum certified office building will serve as the regional government’s new Head Office. The transaction, with a purchase price of Cdn $205 million, was approved by the Metro Vancouver Board.
“As part of our long-term strategic planning, we evaluated options to best meet our future needs for necessary office facilities including potential redevelopment scenarios and relocation,” says Greg Moore, Metro Vancouver Board Chair. “Based on thorough due diligence, detailed forecasting and independent third-party validation, the acquisition of Metrotower III was deemed by the Board to be the most economically and environmentally responsible decision in the best interests of our members and ratepayers.”
With a growing population and increasing demands on service delivery across the organization and throughout the region, Metro Vancouver is planning for the future based on sustainable practices with a commitment to maintain the liveability of the region.
“Metrotower III will accommodate Metro Vancouver’s unique and essential requirements while providing the flexibility needed to accommodate our organization for many years to come,” says Carol Mason, CAO/Commissioner, Metro Vancouver.
Additional benefits include predictable revenues from current and future tenants, lower operating and maintenance costs, and considerable positive environmental attributes including energy and resource savings.
Metrotower III is centrally located in Metrotown and offers over 414,000 square feet (38,500 square meters) of ‘AAA’ Class office space. The property is well serviced by transportation options, including Skytrain and public transit, that reduce traffic, energy consumption and air pollution.
Ivanhoé Cambridge will continue to own and operate Metrotowers I and II, as well as Metropolis at Metrotown. Ivanhoé Cambridge will manage Metrotower III on behalf of its new owner.
Metro Vancouver’s existing head office complex, consisting of two office towers located at 4330 Kingsway and 5945 Kathleen Avenue in Burnaby, will be disposed of at market value and the proceeds used to offset costs associated with the acquisition of Metrotower III.
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