{"id":1004219361,"date":"2018-04-16T04:35:51","date_gmt":"2018-04-16T12:35:51","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004219361"},"modified":"2022-12-09T00:52:00","modified_gmt":"2022-12-09T08:52:00","slug":"hines-oaktree-acquire-canada-office-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hines-oaktree-acquire-canada-office-tower\/","title":{"rendered":"Hines, Oaktree Acquire Canada Office Tower"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004219376\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/First-Tower-Exterior.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004219376\" data-attachment-id=\"1004219376\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/hines-oaktree-acquire-canada-office-tower\/first-tower-exterior\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/First-Tower-Exterior.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"First-Tower-Exterior\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;First Tower, Calgary, Canada&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/First-Tower-Exterior.jpg?w=800\" class=\"wp-image-1004219376 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/First-Tower-Exterior.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/First-Tower-Exterior.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/First-Tower-Exterior.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/First-Tower-Exterior.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004219376\" class=\"wp-caption-text\">First Tower, Calgary, Canada<\/p><\/div>\n<p>Hines and Oaktree Capital Management have acquired First Tower, a Class B office building in Calgary, Canada.<\/p>\n<p>Located at 411 First St., the 27-story property offers efficient floorplates, views of the Bow River and a +15 connection, Calgary&#8217;s extensive pedestrian skywalk systems.\u00a0First Tower is situated two blocks from the recently updated Riverwalk and several transit options.<\/p>\n<p>Totaling 708,354 square feet, the asset is 51 percent leased to tenants such as Encana, TransCanada and Telus. The partners plan on investing significant capital into the building to bring it up to a Class A standard. Renovations will include redeveloping the 34,000-square-foot +15-floor, which will offer tenants access to a new lounge, caf\u00e9, fitness and wellness center, collaboration area, food service hall and conference facility.<\/p>\n<p><em>\u201cWe are pleased to acquire this office asset where we have the ability to provide a compelling value proposition to our tenants,&#8221;<\/em> said Syl Apps, managing director at Hines, in a prepared statement. <em>&#8220;As a firm, we believe in, and are committed to, the city of Calgary with First Tower being Hines\u2019 second office acquisition during the recent energy downturn. We look forward to continuing to grow our downtown Calgary value-add office portfolio in the coming months and years.\u201d<\/em><\/p>\n<p>Earlier this month, a joint venture between Hines\u00a0and New York Life Real Estate Investors topped out the Offices at Chandler Viridian, a 250,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/hines-jv-tops-off-phoenix-office-building\/\">Phoenix-area office building<\/a>.<\/p>\n<p><em>Image courtesy of Hines<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The partners are set to invest significant capital into the 708,000-square-foot First Tower in Calgary to bring it up to a Class A standard.<\/p>\n","protected":false},"author":746,"featured_media":1004219376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,16,21742,21747],"tags":[32797,32944],"class_list":["post-1004219361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-international","category-latest","category-office","tag-hines","tag-oaktree-capital-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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