It’s an iconic fixture of Montreal’s skyline, and now the city’s tallest office tower is for sale.
Ivanhoe Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, confirmed Friday it is looking for a buyer for 1,000 de la Gauchetière.
The agency has owned the 51-storey office tower since 2002.
Real estate experts consider it one of the jewels in Montreal’s real estate crown, consisting just under one million square feet of office space.
Ivanhoe Cambridge says it is currently 90 per cent occupied.
The company’s senior vice-president, Bernard Poliquin, said in a statement to Global News that unloading the building at this time was part of its investment strategy.
He said the extra capital generated from the sale will allow it to invest in other major projects in downtown Montreal, and it’s a good time to sell.
“We know that there is significant liquidity in the market at the moment, and investors are particularly interested by prestigious office properties in Montreal,” Poliquin said in a statement.
The firm would not reveal a sale price, but some reports estimate the building could sell for between $500 and $600 million.
The municipal valuation of the building stands at $366 million.
Ivanhoe Cambridge insists it is still committed to downtown Montreal, and says it currently maintains $4 billion in assets in the city.
The company said it is in the process of investing $1 billion downtown, including:
- A $400 million investment and acquisition in Place Ville Marie;
- A $110 million investment in the Manulife building;
- A $140 million investment in the Queen Elizabeth Hotel;
- A forthcoming announcement involving Les Ailes de la Mode and the Eaton Centre this spring.
The firm would not say if it has any buyers lined up already for the 1,000 de la Gauchetière building.
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