Quote:
Originally Posted by PaperTiger
They did about 2-3 years ago. They are on a rolling lease with I think a six month Demo clause.
The site needs rezoning so they won't be booted right away. In the meantime they have a much higher profile and larger space than they could likely afford elsewhere with a more stable lease agreement.
Their tenant improvements are minimal. (Aside from a bunch of red paint).
Makes a lot of sense IMO
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I recall reading about a tentative plan for a mid-sized office tower on that site (comparable to those in the vicinity), though the rendering was little more than a slapped-together sketch-up model.
I did note that phase 2 of the 'Containers' office project is proceeding to excavation. That's a good sign for this part of the city and I could see this higher-quality building being positioned towards medical-dental now that St. Paul's relocation has been announced. The two aren't all that well connected, but it's in the vicinity and the building will be the nicest of the lot in that area.
I'm actually quite amazed how much Terminal Avenue has filled in over the last decade or so. Not all of it is particularly job-dense, but it's a whole lot better than vacant lots and the office space does add up to a pretty substantial tertiary cluster that's within walking distance of SkyTrain. It's also been interesting to see how the office component has become a hub for private credential-focused education (career colleges). That's a tenant type that needs space that is cheap (generally Class B or even C office space), that is transit-accessible and car-friendly, in central-enough locations that people can reasonably take classes at night after finishing their other jobs. I suspect daytime office users are 'full-time' students while the evening users are 'part time' and a location that supports both is important. Plus, sites that could be considered marginal for attracting businesses due to their location of the periphery of an employment area and lack of street-level retail and services, are perfectly fine for private colleges. I wonder, though, whether the more tired buildings will be renovated and repositioned as medical-office buildings when the new St. Paul's opens up?