Quote:
Originally Posted by vanlaw
Didn't Telus just move into a nice new building in Toronto?
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They did consolidate 15 GTA sites into 1 in the last year.
http://www.thestar.com/business/article/814847--tenants-flock-to-high-tech-new-office-tower http://en.wikipedia.org/wiki/Telus_Tower
60% of 780k sq ft and 30fl is 468k sq ft and 20fl. The Toronto tower lease is for 15 years, developer says "gross annual occupancy cost" is $55 / sq ft.
link.
Could the development for a whole block, 2 x 600' tower be financed in Vancouver based on likely rents?
If they have a long term lease on the boot, and have been there since 1985, they're at the 25 year mark now. A project for 2 tall towers to be built in phases might take 5 + 5 years. The boot's lease might be up in 5-10 years, so they could consolidate Edmonton and Vancouver in phase I. Toronto employees could move into phase 2, at which point they would have to sublease/pay a penalty/or their lease would be up.
Anyone know why they would propose this project? Beyond local amenities, beyond considering geographic location in terms of long term expansion... I would have to guess that converting that site which they own, which must be worth a lot, from RE to cash would earn the executives good bonuses. They probably figure they can get more money for it by doing the development/sale/leaseback, and any other benefits to locating in Vancouver would just be gravy.
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