GLENMORE PROFESSIONAL CENTRE
01 The Opportunity
During Winter 2017, NorthWest Healthcare Properties (TSX:NWH.UN) was faced a difficult challenge. The anchor tenant of the property, Bantrel Engineering (parent company Bechtel), was in the midst of a large downsize leaving behind over 60,000 sf of office space in one of Calgary’s worst downturns. After a competitive RFP process with the Calgary brokerage community, the our team won the leasing mandate and was enlisted by NorthWest Healthcare Properties to provide leasing services for one of its most prized assets.
02 Our Approach
The property was constructed in 2007 and by every architectural measure was ahead of its time. Our team became conversant with the building’s attributes; learning about its daylight harvesting light shelf system, and the raised floor HVAC with a clear objective: change the narrative from soaring vacancy rates and a depressed office market to a building that was to be looked at as a stand-out from its competitive set. We designed a marketing campaign that told a story that resonated with prospects and set the tone to attract sophisticated office occupiers while overcoming the desire, if not expectation, that office space in Calgary should be deeply discounted. The marketing campaign was designed comprehensively and from printed marketing collateral to interactions with tenants on tours, we told a story that changed the discussion and bolstered demand.
03 The Result
The program was a significant success and our team completed four lease transactions with face rates of $20.00 psf and NER’s that hovered above $7.50 psf including attracting one of Suburban Calgary’s most coveted tenancies, Canada Broker Link which is a subsidiary of Intact Financial Group (TSX:IFC).
As a result, the Glenmore Professional Centre was 100% leased once the assignment was finalized.