The low-rise office building that was formerly home to private post-secondary arts and design school LaSalle College was sold over the summer, according to transaction data seen by STOREYS.
The property is located at 2665 Renfrew Street in Vancouver, at the northwest corner of the intersection with Bradfield Court, and one block north from E 12th Avenue and the Millennium Line SkyTrain’s Renfrew Station.
Originally constructed in 1990, the two-storey building was home to The Art Institute of Vancouver, which was acquired in January 2017 by Montreal-based LCI Education, the parent company of LaSalle College. The Art Institute of Vancouver was subsequently rebranded as LaSalle College Vancouver.
In 2018, LaSalle College Vancouver retained commercial real estate services company Colliers to find them a new home.
Local developer Molnar Group subsequently acquired 2665 Renfrew Street, and the parking lot at 2710 Renfrew Street, for $73,500,000 from Aikang Capital Inc. LaSalle, Colliers, and Molnar then negotiated a pre-lease and build-to-suit agreement to move LaSalle College out of 2665 Renfrew Street and into the new office complex — named The Kaslo — Molnar Group was developing at 2710 Kaslo Street.
The Kaslo consists of two seven-storey office buildings with around 218,000 sq. ft of office space. LaSalle College Vancouver occupies the East Tower — about 108,000 sq. ft — and moved into the new building in 2025.
This summer, Molnar Group then sold the old campus at 2665 Renfrew Street for $35,000,000. BC Assessment values 2665 Renfrew Street at $36,678,000 in its latest assessment, which is dated to July 1, 2025. According to BC Assessment, the building is home to 68,781 sq. ft of space, thus the sale price translates to $509 per sq. ft.
The Fraser Academy
The purchaser was the Fraser Academy, a private, non-profit special needs school. The Fraser Academy previously communicated in February that it was looking for a new home, whether that be redeveloping their existing home at 2294 W 10th Ave in Vancouver, near Kitsilano Secondary School, or finding a new building to move to.
On September 3, Fraser Academy announced that they are relocating to 2665 Renfrew Street, noting that no tuition funds were used to fund the purchase. The new building will also be home to The Centre for Dyslexia, which will provide access to specialized learning support for children, youth, and adults with dyslexia, families, and training for educators across Canada.
A rendering of Fraser Academy’s new campus. (Fraser Academy)
“By purchasing the Renfrew property, we are investing in a permanent home that builds long-term value for our community, something we could not achieve on leased land at West 10th Avenue,” they said. “Rather than embarking on a costly and complex new build, we are able to renovate an existing, spacious two-storey facility, making the most of our resources and reducing both costs and risks along the way.”
“This approach gives us the flexibility to design spaces that truly support our dyslexic learners — think spacious classrooms, enhanced learning areas, and a future gym — all while sparing our students and families from years of construction delays or temporary moves,” the Fraser Academy added.
The renovation process is expected to commence in January 2027 and the new campus is expected to be ready by September 2027. The Fraser Academy has retained SSDG Interiors and VPAC Construction Group for the renovations.
LaSalle College
In February, a syndicate of banks including RBC, BMO, and CIBC retained Deloitte to review the financial operations of LCI Group, the parent company of LaSalle College.
LCI Group operates a network of 11 private higher education institutions in Canada, as well as in Spain, Australia, Morocco, Colombia, and Costa Rica. Altogether it operates 14 campuses across five continents, offers 55 programs across seven fields of study, and has approximately 3,000 students enrolled in its programs.
On August 24, LaSalle College sought and obtained creditor protection under the federal Companies’ Creditors Arrangement Act (CCAA), but the proceedings are only pertaining to the corporate entities that own LaSalle College Montreal, according to court documents. LaSalle College Vancouver is held under a different corporate entity and is not subject to the proceedings.
“Over the past several years, LaSalle College has faced significant and recurring liquidity constraints resulting from, among other things, declining [enrolment], regulatory pressures and financial penalties and operating losses,” said the court-appointed Monitor. “These pressures have materially impaired LaSalle College’s ability to meet its obligations as they become due and to fund its operations without further financial support.”
The creditor protection proceeding remains ongoing, but the school remains operational and students returned to class in September after a brief delay.
