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VANCOUVER, BC-A 12-story office building at 777 West Broadway here has changed hands for $22.75 million. LaSalle Investment Management purchased the building from a pension fund on behalf of another pension fund. The specific funds involved were not immediately available.

LaSalle’s SVP of acquisitions Peter Martin tells GlobeSt.com he likes the property’s central location. The property is close to Vancouver General Hospital, City Hall and the new rapid transit line which is under construction and will link Downtown to the airport.

Tony Quattrin, the CB Richard Ellis VP who had the disposition assignment, could not be reached Monday for comment. In a prepared statement, he says the sale is one of the largest Vancouver office transactions so far in 2006.

“We received 14 qualified bids for this property,” he says. “The demand for quality product far exceeds supply and we see no reason that this will not continue throughout 2006.”

LaSalle has purchased $100 million of commercial property in Vancouver, Calgary and Edmonton over the past six months. “We like the long-term future prospects driven by the strong economies of the Western Canadian provinces and are seeking further investment opportunities,” Martin says.

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