Metro Vancouver spending more than $200 million on new HQ

Metro Vancouver has bought a 29-storey office tower for a new head office.

The purchase price for Metrotower III is $205 million. The tower was completed in 2014 and is located near the Metropolis Shopping Centre.

Metro Vancouver Chair Greg Moore says the move was deemed the most economically and environmentally responsible decision. The plan means the Regional District will sell the current Burnaby head office complex and use the proceeds to offset the acquisition costs. The value of that office has been assessed at $82.5 million.

Of the 25 functional floors, Metro Vancouver staff will occupy 13 floors and the remaining 12 will be leased. It is estimated the new office will add an extra $5 to $6 per household from 2018 to 2031. Metro Vancouver is responsible for a range of services including water, sewer and solid waste disposal.

A promotional brochure for Metrotower III describes it as,”an iconic glass structure surrounded by water features” and it also has “unparalleled panoramic views.”