Morguard Announces the Sale of 181 Queen Street in Ottawa
MISSISSAUGA, ON, March 7, 2024 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) today announced the sale of 181 Queen Street in Ottawa to Public Works and Government Services ("Purchaser"). The sale was transacted at $125.3 million, or approximately $500 per square foot, with a portion of the proceeds used to repay a first mortgage in the amount of $57.7 million.
The transaction was initiated pursuant to the Purchaser's decision to exercise an option to purchase the property at fair market value, as outlined in the lease agreement.
Morguard proudly remains one of the largest holders of office properties in downtown Ottawa, with a portfolio of over 3.3 million square feet. This includes the acquisition of a 50% interest in 215 Slater finalized in December 2022, further strengthening Morguard's presence in the region.
Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $17.9 billion.
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SOURCE Morguard Corporation
K. Rai Sahi, Chairman and Chief Executive Officer; Paul Miatello, Chief Financial Officer; (905) 281-3800; or email [email protected]
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