Posted Mar 25, 2016, 9:08 PM
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Registered User
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Join Date: Dec 2015
Posts: 14,674
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Or they got their facts wrong.
From BIV:
Quote:
JLL Canada has been contracted to market the tower.
“We are delighted to have been asked to bring this unique property to market,” said Mark Chambers, JLL executive vice president. “The Exchange building sets a new standard for the development of Vancouver’s downtown commercial district with an investment in historic preservation and sustainability.”
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Vancouver Sun:
Quote:
The real estate investment arm of Credit Suisse and Canadian partner Swiss Real Group Canada have hired JLL Canada to take over leasing of their $240 million Exchange Building office tower project in downtown Vancouver, the companies said Thursday.
To date, the developers have unveiled only one major tenant for the building at the corner of Howe and Pender streets, the Montreal-headquartered National Bank, which, in 2015, pre-leased 45,000 square feet of space in the 31-floor, 372,000-square-foot project.
However, Swiss Real CEO Franz Gehriger said the developers are unconcerned that more tenants have not signed on yet because they are starting to get more calls.
“We’ve really had a lot of interest in the last few weeks and months,” Gehriger said.
Gehriger said the developers were pleased with the job their previous leasing agent, CBRE, did in bringing in an initial anchor tenant, but opted to make a change when the leasing contract expired at the end of 2015.
JLL’s Mark Chambers didn’t mention the names of any potential tenants but “a little bit of paperwork fly back and forth between a few groups.”
“I’m a bit superstitious, I don’t like to get excited about it until we’ve got a deal firm, but we’re feeling positive,” said Chambers, an executive vice-president with JLL.
Chambers said leasing activity in new projects typically ramps up 12 to 18 months ahead of completion, which is where the Exchange is now, with a schedule to be complete in the early summer of 2017.
The Exchange, which launched construction in 2014, is unique in that it incorporates the redevelopment of an existing heritage building, the 11-storey neo-Gothic Old Stock Exchange building at 475 Howe St., which will be incorporated into an office tower that will cantilever over top of its roof from the adjoining lot and rise to 31-storeys.
The developers are billing it as Vancouver’s first LEED Platinum heritage-conversion office building.
And while Thursday’s announcement coincided with the announcement of a major shakeup at Credit Suisse’s investment-banking arm, Gehriger said that news has no impact on the Exchange project.
The Wall Street Journal, on Wednesday, reported that Credit Suisse was cutting 2, o00 jobs from its investment-banking operations and has taken almost $1 billion US in writedowns in its operations.
However, it is Credit Suisse Real Estate Asset Management, which Gehriger described as being backed by pension funds, that owns an 80-per-cent stake in the Exchange project.
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http://www.vancouversun.com/business...#ixzz43x1lyxxU
Last edited by jollyburger; Mar 26, 2016 at 2:25 AM.
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