ReDev Properties Ltd. Lists Key Edmonton Government Building for Sale
ReDev Properties Ltd, President Richard Crenian has announced the listing of the notable 105th Street Government Building in Edmonton.
Prime Space in the Spotlight
This key property has been at the center of much attention during the current revitalization of downtown Edmonton. After extensive renovations and capital investment by ReDev Properties Ltd., the firm anticipates an attractive, well-timed exit, while larger funds are desperate for the yields and inventory. Richard Crenian announced that the prized real estate would be listed with Colliers International, based on a successful ongoing relationship and past performance.
The 105th Street property offers roughly 100,000 square feet of rentable space that is almost 90% government leased. The central office tower has undergone serious improvements under ReDev Properties’ ownership since 2005, including $1.3 million invested in a new sprinkler system, upgrading elevators, and lobby renovations.
International media and business journals have picked up the news of the prestigious listing, which is sure to capture significant attention, nationally and internationally. If the transaction is completed this year, it will be the fourth successful exit the Canadian investment firm has had in 2015 alone and clearly a significant milestone for the group’s savvy investors.
The completion of the renovations and listing of the 105 Street government building couldn’t come at a better time in Edmonton’s new revival. Along with the new arena, LRT extension, billions of other projects, couples with a reported shortage in inventory; the area continues to be one of the most vibrant areas in the country.
Commercial real estate asset management firm ReDev Properties has remained highly visible in Alberta’s thriving real estate landscape over the last few years and is well known for its local shopping plazas. In addition to his work with ReDev Properties, founder and President Richard Crenian (@rcrenian) is a top supporter of local charities and Baycrest Health Sciences. In 2015 Richard was announced a partner in innovation with Baycrest, and has launched a donation matching initiative to rally others in raising an additional $100,000 for the health science firm’s work.