Fresh off putting its multi-building Yonge Corporate Centre on the market earlier this month, Toronto-based Cadillac Fairview — the wholly-owned real estate subsidiary of the Ontario Teachers’ Pension Plan — has now also put two office towers in downtown Vancouver on the market.
The two towers are located at 700 West Pender Street and 750 West Pender Street in the heart of downtown Vancouver, and make up the entire block between Howe Street and Granville Street.
Both towers rise 16 storeys, with 700 West Pender housing 141,772 sq. ft of Class B office space and 750 West Pender housing 141,758 sq. ft, for a combined 283,530 sq. ft., according to Cadillac Fairview’s corporate website.
The towers were originally constructed in 1973, according to BC Assessment, which values the two towers — a single 0.716-acre parcel with a legal address of 700 West Pender Street — at $146,174,000 in a valuation dated to July 1, 2024. The valuation is approximately a 9% decrease from the previous assessed value of $160,187,000.
700 and 750 West Pender Street in downtown Vancouver and its surrounding context. / JLL
The towers are held under PCL Pender Place Inc. and beneficially owned by Cadillac Fairview and the Investment Management Corporation of Ontario (IMCO), who also jointly own the CF Pacific Centre shopping mall nearby.
The Listing
On Wednesday, 700 and 750 West Pender were listed for sale by JLL Canada, who called it “an exceptional investment opportunity.”
- Address: 700 West Pender Street, Vancouver
- Year Built: 1973
- Net Rentable Area: 292,613 sq. ft (office + retail)
- Price: Unpriced
- Listed By: JLL (Edgar Buksevics, Kevin Meikle, Mark Trepp, Matt Picken, Adam Budd, Tomasz Lenard, James Holdsworth)
According to JLL, the two towers have a combined occupany rate of 86%, with a weighted average lease term (WALT) of 4.1 years. They also note that the owners have invested over $10 million into the property across the past decade and that the property is a certified zero carbon building.
View of 700 and 750 West Pender Street from the ground level. / Cadillac Fairview
“Income is underpinned by major national and regional professional services, mining, and government/regulatory sector office tenants,” the brokers said. “The Property’s income is further enhanced by a significant fully dedicated 217-car parkade and high-performing retail, which includes tenants such as Starbucks, Tim Hortons, and Tractor Foods.”
Notably, the office complex isn’t just in close proximity to CF Pacific Centre, it features a glass concourse accessible from West Pender Street — between the two office towers — that provides a direct connection to the shopping centre.
In addition to CF Pacific Centre and these two office towers, Cadillac Fairview and IMCO also own the 30-storey TD Tower at 700 West Georgia Street and several other office towers in downtown Vancouver.
Prior to the Yonge Corporate Centre and West Pender Street listings, Cadillac Fairview also sold two high-rise office towers in downtown Calgary in 2024 for a combined total of just under $40 million.