Another day, another Calgary office building acquisition. As the city’s office ownership landscape continues to shift, the latest property to sell is the class-A Wood Centre, a midrise building in the city’s northeast corridor near Memorial Drive and Barlow Trail.

The 2535 3rd Ave. SE property has been acquired by R2 Capital Partners.

R2 did not release the exact purchase price, but did state it represents $163 per square foot, putting the acquisition in the $36 million range. R2 notes that is approximately half what the building traded for ($325 per square foot), when it was last sold in 2017.

It is BOMA BEST Gold, LEED Gold and ENERGY STAR certified. 

Wood Centre comprises 221,920 square feet of gross leasable space, and sits on approximately five acres of land. As a suburban office property, it offers a parking ratio of one stall per 373 square feet of space, and direct access to two of the city’s major road transportation networks.

Wood Centre's location and amenities

It is about five minutes driving time from downtown Calgary, 15 minutes from Calgary’s international airport, and 700 metres from a Calgary LRT station. Nearby retail, dining and leisure destinations include Sunridge Mall, Northgate Village Mall, Marlborough Mall and Deerfoot Park.

The building stands eight storeys and was previously being managed by Epic Investment Services. Epic’s website listed 18,755 square feet of space for lease in the tower.

R2 states in the announcement Wood Centre is 91 per cent leased to a diverse mix of tenants with a weighted average lease term exceeding seven years. The property is anchored by Wood Canada Engineering, and also houses City of Calgary offices, Emerson Electric, and Silvera for Seniors.

“R2 Capital remains confident in the long-term fundamentals of well-located office properties,” the announcement states. “As organizations continue to return to the workplace in a more selective manner, buildings that offer accessibility, functionality, and strong tenant amenities continue to outperform within their respective markets.”

R2 Capital Partners is headed up by co-founders and managing partners Brock A. Rogerson and Spencer Riche. 

It has been an active investor in Calgary, Manitoba and on Canada’s east coast, as well as holding residential properties in several other North American markets. The privately held firm holds a portfolio of assets worth over $135 million according to its website, and comprising over 900,000 square feet of space.

Among its other properties are the Place 400 in Saint John, N.B., and One and Two Executive Place, an office complex in Calgary.

Calgary's office ownership in transition

This is the second significant Calgary office transaction to be announced in the past week. 

Last week, court documents obtained by RENX show Armco Capital Inc., a firm owned and operated by the George Armoyan family, was acquiring Stephen Avenue Place in a receivership sale from Slate Asset Management. Along with the office tower, G2S2 was also acquiring two adjacent retail/commercial buildings.

Armoyan’s companies have been major investors in Calgary office in the past couple of years. Stephen Avenue Place is the firm’s fifth major acquisition in the city, and will bring its holdings to approximately 3.6 million square feet when the transaction closes.

Calgary has seen elevated office vacancy rates for over a decade, with the current citywide rate at 24.6 per cent according to CBRE’s Q1 2026 data. While it has been slowly improving, downtown vacancy in particular has remained stubbornly high at 29.9 per cent. Suburban vacancy was at 17 per cent.