There are three new office buildings under construction in the Calgary Beltline and 11th Avenue Place will be the first to be occupied starting later this month.
Matrix, an environmental engineering firm, will occupy the sixth to 10th floors of 11th Avenue Place and has until Dec. 1 to exercise an option to increase its space. About 60 per cent of the office space in the 11-storey, 17,820-square-metre (198,000-square-foot) structure is leased.
Shannon Potter, Calgary leasing director for owner and developer Morguard, says the base building work should be completed on the lower floors and common areas within a couple of months of Matrix’s move-in.
Potter says the balance of the office space on the second through fifth floors will likely be taken up by “a mix of full floor and smaller tenants, as we will likely multi-tenant two to three of the lower floors depending on leasing.
“We are asking low to mid-$30s (for lease rates) depending on terms and inducements, and up to $60 per square foot available on long-term leases at the higher end of the rate range.”
On a main transportation corridor
The building is located on a main transportation corridor at 214 11th Ave. SW, two blocks south of the central business district and within a one-block radius of IBM Corporate Park, Vintage Towers, TransAlta Place, CIBC’s data centre and Hotel Arts. (Photo taken on Oct. 22, 2014)
There are restaurants, shops and boutiques nearby, as are connections to the +15 system of more than 60 pedestrian skywalks that link numerous buildings throughout downtown Calgary.
The class-A building was designed by Sahuri + Partners Architecture Inc. and sits over a three-level, 175-stall underground parking facility. There’s also secure bicycle parking. An estimated 17,000 cars and 5,500 pedestrians pass the location daily on 11th Avenue SW.
The structure features high-speed elevators and a security system that includes: card entry for specific entrances and all elevators and stairs; and monitored closed circuit television cameras viewing common areas.
LEED-Gold certification is being targeted and, based on initial energy modelling, the design is estimated to achieve more than 30 per cent savings compared to a conventional building. It includes a green roof and storm water management system, while 20 per cent of the building materials are 100 per cent recycled content by cost.
Five retail spaces available
Five streetfront retail spaces ranging in size from 77 to 226 square metres (860 to 2,512 square feet), and totalling 769 square metres (8,543 square feet), are available for market lease rates on the main floor. Barclay Street Real Estate is handling retail leasing.
“We have interest from a few — including food, coffee, furniture, dental and media — and have not encouraged interest from restaurant and entertainment users that are more focused on drinking than eating,” says Potter, who adds that no retail tenants have yet committed since most prefer to have a building populated before acting.
Morguard has 4.54 million square metres (50.4 million square feet) of retail, office and industrial properties and more than 18,000 multi-unit residential suites and 1,000 hotel suites in its $15.2-billion real estate portfolio that are owned directly and through its investment in Morguard REIT (MRT.UN-T) and Morguard North American Residential REIT (MRG.UN-T).
Morguard, recognized this week as Canada’s safest employer in the retail and services category for the second year in a row by the Thomson Reuters Awards, also provides real estate management services to institutional and other investors.