Press Releases
May 28, 2009
New EDC tower to cost $150M
May 28, 2009
Ottawa Business Journal By Peter Kovessy
The new 18-storey office tower being constructed for Export Development Canada at the corner of Slater and O'Connor streets will have an estimated project value of $150 million, officials say.
Almost a year after OBJ first reported EDC was in negotiations with Broccolini Construction and Canderel to build its new headquarters, the Crown corporation formally announced the agreement Thursday.
In a statement, officials said EDC will lease the building from the joint venture for two decades through to 2031. A spokesperson would not disclose the rental rate EDC has agreed to pay.
At 520,000 sq. ft., the new tower will be the largest office construction project in downtown Ottawa in the last 25 years, officials say. Documents previously filed with the city show it will contain 403,000 sq. ft. of office space, 14,000 sq. ft. of other commercial space and three storeys of underground parking.
According to sources, the Broccolini/Canderel site beat out three other contenders: Great West Life's property, currently a parking garage next to the Bank of Montreal building on Laurier Avenue between O'Connor and Bank streets, a Brookfield site on the southeast corner of Kent and Queen streets, and EDC's current home which is split between two buildings at O'Connor and Gloucester streets.
The Crown corporation currently has 1,000 employees headquartered at the two Ottawa buildings, with leases expiring in 2010 and 2011. With construction of the new tower not expected to be completed until fall 2011, spokesperson Phil Taylor said EDC would either consolidate its employees in a single building for a year or seek a lease extension.
