MISSISSAUGA, ON, March 7,
2024 /CNW/ - Morguard Corporation ("Morguard") (TSX:
MRC) today announced the sale of 181 Queen Street in Ottawa to Public Works and Government Services
("Purchaser"). The sale was transacted at $125.3 million, or approximately $500 per square foot, with a portion of the
proceeds used to repay a first mortgage in the amount of
$57.7 million.
The transaction was initiated pursuant to the Purchaser's
decision to exercise an option to purchase the property at fair
market value, as outlined in the lease agreement.
Morguard proudly remains one of the largest holders of office
properties in downtown Ottawa,
with a portfolio of over 3.3 million square feet. This includes the
acquisition of a 50% interest in 215 Slater finalized in
December 2022, further strengthening
Morguard's presence in the region.
About Morguard
Corporation
Morguard Corporation is a major North American real estate and
property management company. It has extensive retail, office,
industrial, and residential holdings owned directly and through its
investment in Morguard Real Estate Investment Trust and Morguard
North American Residential REIT. Morguard also provides real estate
management services to institutional and other investors.
Morguard's owned and managed portfolio of assets is valued at
$17.9 billion.
Please visit www.morguard.com or follow us on LinkedIn.
SOURCE Morguard Corporation