The former Enbridge Place office tower in downtown Edmonton is undergoing an extensive renovation by owner AIMCo and manager Epic Investment Services, which announced Tuesday the vacated structure is now about half leased.
The 22-storey, 262,456-square-foot, class-A tower at 10130 103 St. is undergoing an extensive overhaul to “create a brand new connection and collaboration space for businesses in the heart of the city” according to a release from Epic. The work is set to be completed by spring of 2020.
The building is already well-connected in the downtown core, with direct access to the pedway and cycling networks, along with quick connections to current and planned LRT stations. The redevelopment is designed to build on that access.
Among the most visible changes will be major upgrades to the interior and exterior of the ground and second floors.
Exterior improvements include an outdoor patio, enhanced facade and landscaping updates to improve its interaction with the sidewalk and cycling path. Interior plans create a two-floor lobby experience, which includes a flexible presentation space for over 100 people on the main floor.
Enbridge Place leasing activity
The majority of the building’s retail spaces are being repurposed to provide tenant meeting spaces and a fitness centre on the pedway level, as well as a private tenant lounge and food and hospitality services on the ground floor.
About 130,000 square feet of the building have been leased and the remainder is available as developed or turnkey space ranging from 1,000 to 125,000 square feet over 14 storeys. Floorplates are about 11,500 square feet.
Key tenants slated to move into the building include Aurora Cannabis, AltaML and Jobber; the latter being ranked the second-fastest-growing software company in Canada by Canadian Business’ Growth 500 list for 2019.
“We’re very excited to be making 10130 103 Street Jobber’s new headquarters in Edmonton,” said Sam Pillar, the CEO and co-founder of Jobber, in the release.
“As we continue to add hundreds of new people to the Jobber team, it was important that we find a well-connected, centrally located space that can scale with us, and a partner that is eager to be a part of what we’re building here for the long term.
“We’re happy to have found just that.”
While the leases for Jobber and Aurora Cannabis had been previously announced, ALTAML has recently joined the tenant mix.
ALTAML partners with AIMCo
The Edmonton company is developing artificial intelligence and machine-learning applications, including one in partnership with AIMCo involving investment management.
This project, known as AlphaLayer, seeks to leverage AIMCO’s expertise in the sector with AltaML’s technological and development capabilities.
Epic is marketing 10130 103 St. as a “grow in one place” opportunity for businesses and startups in Edmonton, calling it “an ideal location for ventures looking to start or expand their operations.”
AIMCo bought the tower along with the former HSBC Bank Place at 103rd Avenue and 101st Street in Edmonton from Dream Office REIT in February 2017. The two buildings comprise almost 600,000 square feet of leasable space and were both destined for significant redevelopments.
AIMCo and Epic began work on the HSBC building during the summer of 2018, and that work is now nearing completion. The aim with that building was to upgrade for former class-A structure to class-AA status.
AIMCo is moving its headquarters from a more suburban location into the building as that work completes.
About AIMCO and Epic
Alberta Investment Management Corp. is one of Canada’s largest and most diversified institutional investment managers with more than $115 billion of assets under management.
AIMCo was established on Jan. 1, 2008 with a mandate to provide long-term investment results for its clients.
AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment and government funds in Alberta.
Epic Investment Services, which includes its wholly owned subsidiary MDC Realty Advisors in the United States, is a fully integrated North American real estate platform.
Headquartered in Toronto and operating from offices in Canada and the United States, Epic has over $17.5 billion in assets under management.
Epic’s portfolio comprises over 35 million square feet of office, retail, industrial, and multifamily residential properties.