Canadian Utilities Limited, an ATCO company, is relocating its downtown Edmonton office to a newly renovated building that will be renamed ATCO Place. 

ATCO will transition its employees from ATCO Centre Edmonton at 10035 105 St. just a short distance to the former Canadian Western Bank building located at 10303 Jasper Ave. starting in 2028. The move will include roughly 1,200 employees, according to Colliers — the listing agency for building owner the Redstone Group. 

The full square footage taken remains to be finalized, said Fahad Shaikh, senior vice president, office and healthcare brokerage with Colliers.

"This is a very substantial move in our market," Shaikh said in an interview with RENX. "To give you some context, this is the largest office transaction in Edmonton... over the last decade." 

The ATCO company has been at its current office since the 1980s. 

Shaikh said the new location will connect ATCO's team directly to the Pedways system in the financial core, which links about 40 buildings and parkades along 13 kilometres of covered pathways.

“You can connect from (this building) all the way to Rogers Place,” Shaikh said, mentioning the city's major arena and entertainment centre complex. “It’s going to bring more life to the overall downtown core.”

This office property was Surrey, B.C.-based Redstone's first acquisition in Alberta. 

Strategic renovations helped secure new tenant 

The Redstone Group helped make this transaction happen by investing heavily in renovating the building since Canadian Western Bank vacated the space in 2025. “They recognized it needed an upgrade," Shaikh said. 

The renovations will improve building amenities including the fitness centre, biking end-of-trip facilities and storage, security, common areas and conference rooms.

“We are excited to welcome ATCO as the anchor tenant,” said Brodie Cain, director of leasing for Redstone Group in a release. “The renovations completed to date align well with ATCO’s operational and safety needs, and once finished, the building will offer best-in-class amenities that support their people and workplace culture.”

He said the lease with the ATCO team and ATCO’s advisors from CBRE fostered a genuine partnership. “We look forward to ATCO establishing its long-term home as the property transitions to ATCO Place.”

The Redstone Group owns and manages 6.1 million square feet of properties according to its website, and is active in B.C.’s Lower Mainland, Ontario and the Western U.S. 

“Our decision to relocate to an updated office space demonstrates ATCO’s desire to continue to be an anchor tenant in Edmonton’s downtown core and maintain connection with other major businesses in Edmonton,” said Jason Sharpe, chief operating officer, ATCO Energy Systems in a release. ”We are pleased to update our space and provide employees with amenities that make their commute and experience in the office exceptional.”

Shaikh said the building at 105 St. ATCO leaves behind could potentially be a candidate for conversion, possibly to residential. 

Taylor Riar, vice president, office brokerage with Colliers also worked on the lease. He said a major commitment like this by a large organization signals to other companies in the market that downtown is the place to be.

"It will only benefit your retail amenities, your foot traffic, your safety around the area long term — and in turn — it will also benefit the leasing market in the area,” Riar said. 

Edmonton office vacancy creeping down

Overall office vacancy in the downtown core has remained elevated, but is inching down. Riar said it now sits around 19 per cent, but will likely drop a bit more in the near future. 

Shaikh said suburban office has been a relative strength in Edmonton with many tenants flowing from the downtown core to points beyond.

“But over the last several quarters, and actually, I would say a couple of years, we've actually seen that slow down... and almost stop. And we're now seeing the trend slowly reverse a little bit.”

Redstone Group purchased the 30-storey, 408,983-square-foot tower in an off-market transaction from BentallGreenOak (on behalf of its institutional partners) in late 2020. Transaction details provided at the time of the sale provided to RENX by Altus Group show the sale price as $85,309,412.