Vancouver, BC, Canada – Concert Properties Ltd. and Sun Life Financial announced today a joint venture agreement for the co-ownership of three office buildings in downtown Vancouver.
"This agreement with Sun Life Financial strengthens Concert's position in the downtown office market," said Allan Gjernes, Senior Vice-President, Industrial & Commercial Properties, Concert Properties. "Sun Life Financial has a sophisticated real estate group that is respected across Canada and we are pleased to be associated with them."
Under the agreement, Concert has purchased a 50 per cent interest from Sun Life Financial in 1100 Melville and 1140 West Pender and sold a 50 per cent interest to Sun Life Financial in 1130 West Pender. The total office space involved in the agreement is 448,928 square feet.
"This joint venture with Concert Properties is a good fit for Sun Life Financial," said Phil Gillin, Vice President, Real Estate, for Sun Life Financial in Canada. "Both of our companies own and manage income-producing portfolios and both believe strongly in the Vancouver market."
All three buildings will be managed by Sun Life Financial and are currently occupied by well-established tenants. The two buildings on West Pender, 1140 and 1130, are 18 and 15 storeys respectively, with 1100 Melville rising 16 storeys.
"This agreement benefits existing tenants whose office space requirement may change,” said Kevin Meikle, Vice President, Royal LePage Commercial Inc. “They have the option of changing buildings while staying with property owners and managers they know and trust."