A Toronto-based real estate trust is purchasing the historic Lougheed Building in downtown Calgary for $31 million.
The building, at the corner of 6th Avenue and 1st Street SW, was nearly demolished in 2003 but was restored instead.
Allied Properties REIT announced Wednesday it is buying the 98-year-old building, noting it is fully leased to tenants that match the quality it looks for.
Allied said the sale is expected to close in October.
Restoration of the Lougheed Building by Heritage Property Corp. began seven years ago. The new building was unveiled to the public in 2008.
The building was originally constructed by Senator James Lougheed in 1912.
Link to the article:
http://www.calgaryherald.com/business/H ... story.html
For more information on the story of Senator Lougheed, be sure to join the next CHI tour on August 22 at Lougheed House.
Allied Properties REIT own and manage a portfolio of mainly Class I office properties in the urban areas of Toronto, Montréal, Winnipeg, Québec City and Kitchener-Waterloo.
Class I office properties are created through the redevelopment of light-industrial structures in urban areas. This involves comprehensive renovation of the buildings, as well as re-leasing to office tenants.
For more information about Allied, refer to their web site:
http://www.alliedpropertiesreit.com/