Grosvenor Americas, the privately held international property development and investment company, has sold The Grosvenor Building located at 1040 West Georgia Street in Vancouver. The 21-storey, 204,000 square foot, Class A office tower was developed by Grosvenor in 1985. Lead tenants include law firms Fraser Miller Casgrain, Edwards Kenny & Bray, and Hunter Voith Law Corporation, which collectively occupy 40 per cent of the net rentable area. Grosvenor Americas occupies the entire 20th floor and will remain a tenant after the sale. The building will retain its current name, The Grosvenor Building, as long as Grosvenor has a presence at the property.
“The proceeds from the sale of The Grosvenor Building will enable the company to make strategic purchases over the next few years,” said Andrew Bibby, chief executive of Grosvenor Americas.
Cushman & Wakefield LePage Inc. represented Grosvenor Americas in the transaction. The Grosvenor Building was purchased by Kingswood Capital Corporation, a Vancouver-based conglomerate active in a variety of businesses, including real estate investment and development, manufacturing, and financing.
The Grosvenor Building has floor plates of approximately 10,000 to 10,700 square feet. The top five floors and several lower floors feature outside terraces. The property includes a 230-stall underground parkade with an attractive parking ratio of one space per 870 square feet.