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4 Edmonton Office Towers Just Sold for Surprising Prices

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  • 4 Edmonton Office Towers Just Sold for Surprising Prices

    HSBC Bank Place
    Enbridge Place
    HSBC Building
    Milner Building

    These four building s alone declined $163M in a matter of 6-7 years.

    Information in the article on EdmontonCommercial.com:

    http://www.edmontoncommercial.com/4-office-towers-just-sold-edmonton-surprising-prices/

  • #2
    They're older buildings with no appreciable renovations done since they were last purchased while brand new, efficient inventory has come online. Sounds like they weren't interested in renovations, while the new owners probably will at the reduced rates.
    "Men never do evil so completely and cheerfully as when they do it from religious conviction" - Blaise Pascal

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    • #3
      No one proofed this article before publishing. Not even the first sentence:

      When Dream Office REIT decided to their Alberta assets,...
      I am in no way entitled to your opinion...

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      • #4
        I was just surprised at the reduction in CMV... It's pretty drastic. Enbridge is a pretty decent building, as is HSBC Bank Place.

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        • #5
          The sale prices were well below market rates as a means of disposing the assets.

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          • #6
            Originally posted by ChrisD View Post
            The sale prices were well below market rates as a means of disposing the assets.
            However, any lower prices form the basis for new lower market rates going forward.

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            • #7
              7.5mil for Milner...not knowing the floor plate could make good residential? Location is right.

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              • #8
                What is the situation with asbestos?
                Advocating a better Edmonton through effective, efficient and economical transit.

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                • #9
                  Any potential clients out there for these spaces?
                  The world is full of kings and queens, who blind your eyes then steal your dreams.
                  It's heaven and hell!

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                  • #10


                    Good one Bill.

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                    • #11
                      AIMCO is moving to the HSBC building. They are looking for more tenants.

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                      • #12
                        ^ Which one? The OP listed two HSBC buildings!
                        “You have to dream big. If we want to be a little city, we dream small. If we want to be a big city, we dream big, and this is a big idea.” - Mayor Stephen Mandel, 02/22/2012

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                        • #13
                          This is a better location for aimco. Closer to the downtown business core
                          The world is full of kings and queens, who blind your eyes then steal your dreams.
                          It's heaven and hell!

                          Comment


                          • #14
                            It could be the HSBC at Jasper and 106 Street.
                            "Talk minus action equals zero." - Joe Keithley, D. O. A.

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                            • #15
                              Originally posted by Sonic Death Monkey View Post
                              ^ Which one? The OP listed two HSBC buildings!
                              Sorry, AIMCO will move to HSBC Bank Place (10250 101 St). Which they recently bought. They are planning capital improvments on, and currently looking for tenants.

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