Constitution Square Renovations [340, 350, 360 Albert St] | In Progress

[J.OT13]

I've been going through this website and found a few gems. Reminds me of OBJ, but more focused on real estate.

https://renx.ca/market/ottawa/

I was unable to find the Constitution Square III thread. I therefore opted to create a new one.

Multi-million makeover for Ottawa’s Constitution Square

Don Wilcox
Renx, Feb. 28, 2020

Ottawa’s largest office complex, the million-square foot, three-tower Constitution Square, is in the midst of a multi-million-dollar series of upgrades as its owners seek to reposition the property as the “pre-eminent building” in the city.


Constitution Square in Ottawa is receiving a multi-million-dollar refurbishment from its owners, TD Asset Management and Canderel.

Constitution Square is owned as a joint venture by TD Asset Management (via the TD Greystone Real Estate Fund) and Canderel, which also acts as the property manager. They purchased the class-AAA asset, which spans a full city block, in late 2017.

Forgestone Capital was also involved in the acquisition, and continues to act as strategic asset manager.

At 1,065,445 square feet of gross leasable area, the linked towers are in the Parliamentary Precinct in downtown Ottawa. They’re populated by a mix of public and private-sector tenants including several government agencies.

“It’s our largest investment in Ottawa, so we are really excited to be part of this,” said Jimmy Buzaglo, TD Asset Management’s vice president, real estate investments.

In an interview with RENX, he laid out the partners’ plans to improve both interior and exterior facets of the complex. The refurbishments are being done in part to help attract a new tenant, or tenants, when Public Works vacates a 160,000 square foot lease in 2022, and in part because the oldest portions of the towers are now more than 30 years old.

Work has just been completed on two aspects of the project, while other major upgrades are slated to begin in the next month or two.

“We identified that the conference centre, which was highlighted as a very significant amenity for our tenants in the building, needed a refresh,” Buzaglo said of the 4,300-square-foot facility. “All new equipment, all new sound system, all new paint, walls, furniture. It honestly looks brand new.”

The fitness centre got similar treatment.

“This is a full-fledged gym. I would argue that you wouldn’t even need another gym membership if you were a member here.”

More extensive renovations to come

TDAM and Canderel have applied for permits to allow a major renovation of the lobby and other public areas both inside and outside Constitution Square, construct a new tenant lounge, modernize elevators in Towers 1 and 2, upgrade end-of-trip facilities in underground parking and bike storage, improve way finding within the complex, improve existing tenant terraces and more.

Buzaglo said the main public lobby will be a major focus.

“We really wanted to improve and animate the lobby,” he said. “We really love the blue granite that is the character of this building, we wanted to maintain that, but we felt the lobby needed a refresh.

“Really what it’s about is more of this collaborative theme where tenants want the ability to jump out of their offices, go down and sit down or collaborate.”

That’s also the reason for repurposing some ground-floor retail space to construct a tenant lounge.

And, despite the breadth of the work, he said it is expected to be complete this year.

“It’s very much a lobby refresh, but it’s not a full gut. We are going to be replacing a brand-new floor. We will be retaining the granite walls, but within that we will be introducing a very nice, light wood feel around the seating areas that we are going to be introducing.

“There will be three or four of those, plus all of the elevator lobbies.”

Leasing at Constitution Square

Constitution Square in Ottawa is receiving a multi-million-dollar refurbishment from its owners, TD Asset Management and Canderel.


Rendering of an interior public space at Constitution Square in Ottawa.

Ottawa’s strong office market


The Ottawa office market has rebounded mightily during the past couple of years, with the citywide vacancy rate falling from about 10 per cent a few years ago to 5.1 per cent in CBRE’s Canada Market Outlook 2020.

This will leave Canderel with some options, provided the trend continues. Vilner said there is also a good chance Public Works will want to retain the space and move in a different government tenant.

With about 30 per cent of the federal government’s own office space in significant need of modernization, the feds are looking at many years of departmental shuffling to make those improvements. Some will utilize swing space, others will find permanent new homes.

There are several major developments in the ground (such as Zibi, the destination for the Public Works tenancy which is leaving Constitution Square) which will deliver new office space in coming years. But, demand is expected to remain strong from Ottawa’s growing tech sector, the government and its support agencies.

“Vacancy rates in Ottawa are continuing to trend downward,” Vilner said. “We really see a flight to quality, from most tenants in the market. Most tenants are sacrificing higher rents to get into better buildings to retain top talent and provide an enjoyable workspace and work experience for their staff.”

New high-calibre space coming will compete for tenants, but Vilner doesn’t see the vacancy rate going north any time soon.

“It is becoming a competitive market but there’s not a lot of space available, or not as much as there was,” he said. “With all of these improvements and the opportunities at Constitution Square we really want to set it apart from all of our competitors and reposition the complex as the pre-eminent building in the market.

“It really is the best place to be in Ottawa.”

https://renx.ca/ottawa-constitution-...r-renovations/

[J.OT13]

Renos are well under way. Much of the blue granite floors have been replaced with white/beige tiles. Elevators are being modernized. More lighting. Bike cage replaced with secure bike parking room. Canderel doing some great work.

https://constitutionsquare.com/en/

I can only hope the new owners of Place de Ville can do something similar after years of half-assing from Brookfield.

[J.OT13]

Small update. Renovations are going quite well. The main entrance on Albert is now open. I might take some pics next time I have a chance. I just found out they have a beehive.

[Horus]

Maybe World Exchange Plaza should take note. They've been under renovations for over 2 years.

[J.OT13]

Posting this here because the event will be at the renovated Constitution Square lobby. Still hoping to take some pictures soon.

Upcoming business event aims to entice investors to Ottawa, ‘bring some swagger’

Mia Jensen, OBJ
April 27, 2023

After three years of tumult, local business leaders want to highlight everything Ottawa has to offer and put the city back on the map for investors looking for new opportunities.

On May 17, Constitution Square and Canderel will partner with the Ottawa Board of Trade, Ottawa Tourism, Invest Ottawa and Shepherds of Good Hope to host “Ottawa is Open for Business,” an event celebrating the achievements of the business community.

“We want to bring the Ottawa downtown business community together, to our building, to celebrate and remind people of all the good things that are happening in Ottawa and of the good things Ottawa has going for it that seem to be getting lost in some of the rhetoric of recent years,” said Shawn Hamilton, vice-president of business development with Canderel.

Recent events have played into a negative narrative that has turned off some investors, Hamilton added. In the past three years alone, the city has dealt with a rapidly emptying downtown, an internationally broadcast “Freedom Convoy,” an uncertain return-to-work plan for the federal government, and the current federal civil service strike.

The pandemic has been a game-changer, Hamilton said. Where Ottawa was previously viewed as a stable, dependable market, now it’s an under-rated, under-the-radar region for investors looking for new opportunities, he explained.

Hamilton said it’s time to “bring some swagger” back to a community that’s been down on itself lately. “There’s been a lot of news related to Ottawa that hasn’t really been that positive,” he said. “It’s just a good time to remind people that Ottawa … is an extremely attractive, accessible city and a city where you can grow and prosper in your career or as a family.”

According to Hamilton, while new investors have been hesitant to jump in, Ottawa’s advantages have kept existing investors in the city. “We have not seen an abandonment and that’s really important to say,” he said.

Post-secondary institutions like the University of Ottawa, Carleton University and Algonquin College provide a steady stream of intellectual talent into the capital that Hamilton said should be attractive to corporations.

According to Hamilton, opportunities abound for potential investors across industries, from small start-ups to major real estate developers.

“We’ve seen a natural hesitance to jump in with both feet,” said Hamilton. “Markets like Montreal and Toronto certainly take a front seat compared to Ottawa. Given our size, Ottawa should not be satisfied being a secondary market for investment. We should be, by every metric, a top-tier market by virtue of our size and our capabilities.”

Michael Tremblay, president and CEO of Invest Ottawa which is also involved in the event, said Ottawa’s business leaders have good reason to be optimistic about the future.

“The city is in reasonably good shape when it comes to organizations around the world looking at landing in the city,” he said. “We land probably between eight and 12 new business in the region each year. There’s always headwinds and the future is a bit uncertain, but the city is in a good position to continue to grow.”

The Ottawa is Open for Business event will be the first gathering in the newly renovated lobby of the Constitution Square building on Albert Street. The $9-million project aims to reposition the space as an accessible, multi-use communal gathering spot.

The event takes place Wednesday, May 17 from 5:30-8:00 p.m. and includes networking as well as keynote presentations from Mayor Mark Sutcliffe, Ottawa Centre MP Yasir Naqvi and MPP Lisa MacLeod.

More information can be found on the Ottawa Board of Trade website.

All proceeds will be donated to the Shepherds of Good Hope.

https://obj.ca/upcoming-business-eve...-some-swagger/

[J.OT13]

One pic of the lobby of 340 from last week.



Waiting for a nice day to take pics of the outside, and a few more inside.

[J.OT13]

Some pics from yesterday. I think they did a really good job. They kept some of the old blue granite, but lightened-up the space with some wood. No pics, but they filled a lot of empty space with seating areas, collaboration spaces, phone booths (without the phone), plants.