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Med College Buys Seven Floors at $450M Redo

New York City Hotel Market Reports

VANCOUVER-The College of Physicians and Surgeons of British Columbia has purchased 60,000 square feet at the Offices at Hotel Georgia, filling most of the mixed-use office component. The $450 million redevelopment includes a restoration of the 1927-era Hotel Georgia, as well as a new 48-story mixed-use tower with condos and offices.

Delta Land Development Ltd. is handling the redevelopment, located at the intersection of Howe and West Georgia streets in the downtown’s financial district. The hotel’s 155 rooms will reopen this summer as the Rosewood Hotel Georgia. The 156-unit condominium units should be finished by early 2012.

Avison Young Principals Bob Levine and Matt Walker represented the developer in the sale of the seven floors at the tower. Michael Keenan with the company represented the college. Levine said Delta’s plan had been to lease out the office space. “The college wanted to occupy and own, so we said, why not?” The amount paid for the floors was not disclosed.

The college is relocating from 858 Beatty St., where it has been a tenant for 10 years. Dr. Darlene Hammell, president of the board of the college, said the move allows for future expansion.

“It has always been the vision of the board to own rather than lease office space, and to purchase when the perfect site comes along. The Finance and Audit Committee considered 24 buildings in Vancouver and Burnaby before making its final decision,” she said in a statement. “Acquiring quality commercial real estate in downtown Vancouver makes financial sense over the long term. We won’t be at the mercy of rent increases or be subject to HST on lease payments, which makes ownership a more viable solution to keep registrants’ fees down over time.”

Levine says the college purchased 16,000 square feet more than it needed, and will lease out the remaining space to office tenants. The Private Residences at Hotel Georgia, the condo units, will have separate entrance and elevators from the offices, Levine says.

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