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The building was leased to an unrated public agency with a history dating back to 1929. Financial reporting standards for the agency made it difficult to assess tenant credit rating. Property was sold through a negotiated bid process to a private asset manager who determined credit through tenant interviews. Additional buildable density was available through the redevelopment of the parking lot upon the lease maturity. Reference "I wanted to send you this note to express both Morguard’s and our pension fund clients’ appreciation for the terrific job you did for us on the sale of this asset. If it had not been for your market savvy and the quick change in strategy and target buyers when a couple of unexpected bumps hit us midway through the process, I don’t think we would have ever sold this property, let alone at a price above our target!" Mark Holden Asset Manager Morguard Investments Ltd. |
