First reported in the Ottawa Business Journal on Jan. 18, the deal involves 1.2 million square feet of commercial office space, including the Carling Executive Park buildings and the Glenview Park of Commerce.
Despite the unloading, the company vows to continue to be a player in the local real estate market.
"It was just the right time (to sell). The market was right for us," Glenview president Sol Shabinsky told the OBJ. "We still have many other assets. My sons are sharp young guys and they'll both have lots to do with what's left."
As a result, Bentall Corporation announced its Real Estate Services division is expanding into the Ottawa market. The Vancouver-based commercial property owner and manager has assumed management of the 1.2 million square foot Penreal purchase.
Bentall has appointed Barry Wilkinson to lead the management of the new portfolio. Wilkinson was previously with Brookfield Properties in Ottawa.
"Our entry into the Ottawa market will support the needs of Penreal's clients for consistent service delivery in all major markets,'' said Steve Laver, Bentall's COO in Canada. ``With this expansion, our real estate services portfolio now exceeds 32 million square feet of office, retail and industrial space.''
Bentall Corporation is a high-growth company focused on the acquisition, development, leasing, financing and management of revenue producing, Class A office properties. The company owns a net 5.0 million square foot interest in a 7.6 million square foot portfolio. The market value of Bentall's property portfolio and other assets exceeds $1.6 billion. With 55 per cent of its revenue properties in the U.S., the company's core markets are Seattle,
Vancouver and Southern California.
