Morguard Corporation and Morguard Real Estate Investment Trust have acquired, effective December 28, 2007, a three tower, mixed-use property complex in downtown Ottawa. The complex includes 350 Sparks Street, a 12 storey, 171,311-sq.-ft. office building and 361 Queen Street, a Delta branded hotel, consisting of two towers containing 328 guest rooms. The hotel is currently under long-term lease to a major Canadian hotel real estate investment trust. The property also includes an underground parking garage containing 273 parking spaces.
The complex was acquired at a price of $75.3 million and will be owned and operated through a 50/50 joint venture arrangement between Morguard Corporation and Morguard Real Estate Investment Trust. This acquisition brings Morguard REIT’s portfolio to 48 retail, office, and industrial properties in Canada with a book value of $1.2 billion and approximately 7.4 million square feet of leasable space.