Four additional downtown Calgary office buildings that were owned by Toronto-based Slate Asset Management have now also been sold.

Earlier this year, the 40-storey office tower located at 700 2nd St. SW and known as Stephen Avenue Place was sold to Armco Capital while under receivership, as first reported by RENX. Two adjacent buildings — the Kraft Building at 222 8 Ave. SW and the Venator Building at 228 8 Ave. SW — owned by Slate that were also under receivership were simultaneously sold to Armco.

In September, American real estate firm Hines also completed its acquisition of Life Plaza, a 17-storey office building located at 734 7 Ave. SW. That property was also owned by Slate Asset Management and was initially sold while under receivership to Timbercreek Financial, as first reported by Western Investor. Timbercreek then assigned the purchase to 1599946 B.C. Ltd., an entity controlled by Hines.

Financial details for the above deals have not previously been disclosed, but RENX has obtained transaction data courtesy of Alberta-based commercial real estate data firm The Network revealing that Stephen Avenue Place was sold for $51 million and Life Plaza for $17.3 million.

The Slate portfolio

Court documents in the Life Plaza receivership proceeding also revealed that Life Plaza was marketed by CBRE alongside several other office buildings owned by Slate Asset Management, including 840 7th Ave. SW, the McFarlane Tower, the Gateway Building and the Roslyn Building.

All of the buildings were owned by Slate Asset Management through Slate Canadian Real Estate Opportunity Fund I (SCREO I) and all have now also been sold, according to transaction data.

The same fund also owned the Metrotown Place office complex at 4330 Kingsway and 5945 Kathleen Ave. in Burnaby, B.C., which was placed under receivership in 2024 and sold to the City of Burnaby for $65 million.

The 20-storey office building located at 840 7th Ave. SW was originally constructed in 1977, is home to 279,937 sq. ft. of net rentable area, and was 41 per cent occupied at the time of the listing, according to CBRE’s sales brochure for the Slate portfolio. Slate owned 840 7 Ave. SW through SCREO I 840 7th Inc. and sold the property on August 19 for $10.6 million.

The McFarlane Tower is an 18-storey office building located at 700 4th Avenue SW. It was originally constructed in 1979, is home to 238,237 sq. ft. of net rentable area, and was 92 per cent occupied. Slate owned the McFarlane Tower through SCREO I Calgary Office Inc. and sold the property on August 4 for $15.9 million.

The Gateway Building is a 14-storey office building located at 910 7th Ave. SW. It was originally constructed in 1981, is home to 147,522 sq. ft. of net rentable area, and was 70 per cent occupied. Slate owned the Gateway Building through SCREO I Calgary Office Inc. and sold the property on July 20 for $9.7 million.

Lastly, the Roslyn Building is a 10-storey office building located at 400 5th Ave. SW. It was originally constructed in 1966, is home to 132,244 sq. ft. of net rentable area, and was 60 per cent occupied. Slate owned the Roslyn Building through SCREO I Calgary Office Inc. and sold the property on August 7 for $5.5 million.

The buyers

The buyer for 840 7th Ave SW, the McFarlane Tower, and the Gateway Building was Alston Properties, who paid a grand total of $36.2 million for the three buildings. The company has offices in Calgary, Victoria and Winnipeg, and its history suggests that conversion may be a possibility.

Alston is the developer who previously partnered with Slate Asset Management on the office-to-residential conversion of the Dominion Centre located at 665 8th St. SW, which was completed in late-2025. Slate also previously owned Joffre Place at 708 11th Ave. SW and Alston recently completed a conversion of the building.

The buyer of the Roslyn Building was Kanas Corporation, a Calgary-based rental developer that is also currently embarking on an office-to-residential conversion.

In 2024, Kanas Corporation acquired the 16-storey office building at 640 5th Ave. SW from Sun Life Financial for a bit over $13.9 million and is now converting the building into 262 residential units.

As for Life Plaza, Hines announced the acquisition in September and said the business plan is “focused on strengthening the asset’s competitive position through leasing, elevated property management and tenant experience, supported by fresh leasing capital and a targeted capital investment.”

Hines has been in Calgary for nearly 20 years and now has a team of nearly 60 people and over three million square feet under management.

It’s unclear if Slate owns any remaining assets in Calgary following these sales. RENX reached out to Slate, but has not received a response.