Bentall Kennedy, on behalf of the Bentall Kennedy Prime Canadian Property Fund (formerly known as Westpen Properties) as well as other Canadian pension fund clients, has acquired the Bentall V at 550 Burrard Street, from Deka Immobilien GmbH, who had acquired the asset in the spring of 2009.
Bentall V, a 33-storey, 583,000-sq.-ft. office tower located in the heart of Vancouver’s central business district, was originally developed by Bentall Kennedy in 2002 and 2007, and is one of the few vertically phased office towers in the world and is currently 100 per cent leased. Vancouver remains one of the tightest markets in North America with Class A office vacancy rates of approximately three per cent.
“Following direct discussions with Deka, we were very pleased to pursue this AAA office asset. Our knowledge and comfort with Bentall V, which we developed and have managed since its inception, combined with the very attractive long term prospects for the Vancouver office market made this a unique opportunity for our clients”, says Paul Zemla, Chief Investment Officer for Bentall Kennedy’s Canadian operations.