Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.