In late-February, Ottawa-based real estate firm Regional Group announced that they had acquired 150 Slater Street in downtown Ottawa, a landmark office building near Parliament Hill.
Located at the corner of Slater Street and O’Connor Street, two blocks away from Confederation Park and within 50 metres of the LRT Parliament Station, 150 Slater Street is a 19-storey Class A office tower that was purpose-built as the global headquarters for Crown corporation Export Development Canada (EDC), which was seeking to consolidate its operations from two nearby buildings.
After a competitive bidding process, EDC chose the Montreal-based duo of Broccolini and Canderel for the project, which commenced construction in May 2009. Later that year, Manulife Financial (TSX: MFC) announced that they had entered into an agreement to buy 150 Slater Street in a transaction that was scheduled to close in 2011.
Last year, 150 Slater Street was then listed for sale by Peter D. Senst, Jaysen Smalley, Kai Tai Li, and Nico Zentil of CBRE on an unpriced basis.
Regional Group did not disclose financial details when they announced the acquisition last month, but STOREYS has learned that the purchase price was $143.5 million. The building has 477,448 sq. ft of space, according to CBRE’s sales brochure, translating the price to $301 per sq. ft.
150 Slater Street in Ottawa. (Regional Group)
The building has been 100% occupied since it was completed, with 98% of the space occupied by EDC through a lease that runs to 2031, according to the 2009 sale announcement. The remaining 2% is leased to a retailer on the ground floor.
The occupancy has a weighted average lease term of 6.8 years (as of January 2025) and CBRE notes in its sales brochure that EDC’s below-market rent is flat until expiry. They also note that both tenants have options to renew for five-year terms at market rents, offering an attractive upside.
The office tower occupies a 1.02-acre lot, is anchored by a distinctive white-marble podium bearing the EDC logo, and is served by 215 underground parking spaces. Building amenities include a private gym and rooftop lounge.
The building was constructed to meet LEED Silver standards — the only such office building in downtown Ottawa at the time — and has since become LEED Gold certified, according to CBRE.
150 Slater Street in Ottawa. (Regional Group)
“We believe the bottom of the office cycle has passed, and this property is a standout addition to our portfolio, taking advantage of the fact that typical investors have been sidelined,” said Sachin Anand, Regional Group VP of Acquisitions, in a release last month.
“We firmly believe in the resilience of the sector, and we are strategically investing in Class A office buildings with strong long-term potential,” added Regional Group President and CEO Sender Gordon. “We’ve always approached our acquisitions with an eye to what makes sense today and for the long term.”
“This property offers excellent future potential with high-quality existing tenants, and we’re thrilled to add it to our portfolio,” Gordon said. “This isn’t just about a real estate transaction. It reflects our continued commitment to Ottawa’s economic community, to shaping a vibrant city, and to Enriching Communities for years to come.”
Founded in 1958 as Regional Realty, Regional Group has become a vertically-integrated company with a portfolio of over four million square feet of commercial and residential space, plus a development pipeline of $5 billion, according to the company.
Other notable assets the company owns in Ottawa include the Hazeldean Mall at 300 Eagleson Road acquired from BGO in 2019, the Qualicum Centre three-building office complex at 2932, 2934, and 2936 Baseline Road acquired in 2022, and the gold-glass office building at 1600 Carling Avenue acquired in 2024.
