Hines Acquires Downtown Calgary Office Tower for Redevelopment

CALGARY, ALBERTA, CANADA – Realty News Report – Houston-based Hines, in partnership with a fund managed by Oaktree Capital Management, has acquired a 27-story office tower in Calgary.

The 708,000-square-foot Class B office building, known as First Tower, sits on First Street in Calgary’s Downtown East submarket.

First Tower is currently 51 percent leased to a group of prominent tenants, including Encana, Telus and TransCanada.

Hines and Oaktree plan a substantial capital improvement program to reposition the property to Class A, focusing on redevelopment of the building’s key common areas. The tower benefits from excellent transit connections and is only two blocks south of the recently upgraded Riverwalk.

Syl Apps, Managing Director at Hines, commented, “We are pleased to acquire this office asset where we can deliver a strong value proposition to our tenants. As a firm, we believe in—and remain committed to—the city of Calgary. First Tower represents Hines’ second downtown office acquisition during the recent energy sector downturn. We look forward to continuing to expand our value-add office portfolio in downtown Calgary in the months and years ahead.”

Founded in 1957, Hines currently has 108 developments underway worldwide. Over its history, the firm has developed, redeveloped or acquired 1,295 properties totaling more than 422 million square feet, with a presence in 201 cities across 24 countries.

April 12, 2018 Realty News Report. Copyright 2018.