Morguard Corporation (MRC) has announced the acquisition of a 20% interest in Telus Garden, a prestigious Class AAA office building located in Vancouver’s dynamic eastside central business district. Situated at 510 West Georgia and 541 Robson Street, the property is home to prominent tenants such as Telus and Amazon, reflecting its prime location and appeal.
Angela Sahi, President and Chief Operating Officer of Morguard, expressed enthusiasm about the acquisition, highlighting its strategic importance in solidifying Morguard’s presence in downtown Vancouver, a leading office investment market in Canada with low vacancy rates. The acquisition aligns with Morguard’s commitment to sustainable practices, as Telus Garden boasts an impressive design incorporating environmental features.
Completed in 2016, Telus Garden is a stunning example of modern architecture and sustainability. Spanning 557,255 square feet, including 32,855 square feet of retail space, the 24-storey building features captivating architectural elements, such as a double-height wood-sculpted roof, a glass-encased lobby adorned with lush gardens, and an LED-integrated façade lighting system.
Recognized with LEED Platinum and BOMA Best Platinum certifications, the building employs various sustainable features, including a district energy system, green roof, and solar panels. Telus Garden’s convenient location near Vancouver’s Skytrain and Expo line, along with 318 parking stalls, ensures ease of access for tenants and supports various modes of transportation.
Morguard’s appointment as the asset and property manager for Telus Garden further strengthens its commitment to the property. This strategic acquisition demonstrates Morguard’s unwavering confidence in the office asset class and its continued expansion in both national and Vancouver office portfolios.
“The high-quality build and prime location of Telus Garden make it an appealing choice for top-tier tenants, particularly those in technology and professional services,” stated Tom Johnston, Senior Vice President, Asset and Property Management, Western Canada of Morguard. “With its highly sought-after, investment-grade tenant base, the property offers stable and sustainable income growth for our office portfolio.”
Morguard’s total office portfolio encompasses 11.7 million square feet of leasable area, valued at $2.6 billion as of June 30, 2024. The acquisition of Telus Garden reinforces Morguard’s strategic direction and signifies its commitment to sustainable investments and a robust future in the real estate sector.
