Calgary's Millennium Tower has been sold to Calgary-based Aspen Properties and Toronto-based Hazelview Investments.
When reached for comment, Oxford Properties' Vice President of Communications, Daniel O'Donnell, summarized the sale to STOREYS as a way to diversify the company's portfolio.
“Oxford Properties actively manages our global real estate portfolio and, as such, we both buy and sell properties consistently throughout the year. The sale of Millennium Tower forms part of a long-term process of achieving greater levels of diversification within our real estate portfolio. As part of this process, over the past three years, Oxford has strategically sold positions in high quality, well-leased commercial real estate assets including office buildings across global markets such as Toronto, Vancouver, Montreal, New York, London, Paris, Sydney and now Calgary.”
Earlier this year, Oxford sold the Royal Bank Plaza in Toronto to the founder of Zara for $1.2B. The company also operates in the United States, and has also sold 13 industrial buildings in Chicago to TradeLane Properties this week, according to Chicago Business Journal.
The acquisition adds to Aspen's growing list of properties in Alberta, which include The Calgary Tower, Tower Centre, The Edison, and The Ampersand in downtown Calgary. Aspen also owns the Bell Tower, the MNP Tower, and The Annex in downtown Edmonton. Aspen owns and operates the properties along with investment partners, such as Hazelview Investments, which specializes in real estate assets.
“We are excited at the opportunity to acquire such a high-quality asset in Calgary alongside a great partner in Aspen Properties," said Michael Tsourounis, Managing Partner and Co-Head Real Estate at Hazelview Investments. "Aspen has a proven track record of being a best-in-class operator and investor in the Calgary office market and we are excited to work with them on this project.”
It is unclear at this time whether the Millennium Tower will be renamed, but previous properties acquired by Aspen have undergone a new moniker, such as The Edison, which was previously known as EnCana Place and The Ampersand, which was known as Sun Life Plaza Towers.
The 24-storey, 436,304 sq. ft, Class A Millennium Tower was built in 2000, and is home to tenants such as Calgary-based workforce housing provider Black Diamond Group, German software company SAP, and Calgary-based Gibson Energy.