Allied Properties REIT has completed the sale of its last two properties in Ottawa, 40 and 46 Elgin Street, to the Government of Canada. The transaction, which closed in December 2024, marks the end of Allied's presence in the Canadian capital.
Allied Properties REIT sold 40 and 46 Elgin Street, its last two properties in Ottawa , to the Government of Canada in December. The two properties, located at 40-46 Elgin Street, are directly across from the National War Memorial and Confederation Square, and around the corner from the Office of the Prime Minister and Parliament Hill.
Allied had previously announced in December 2024 that it was scheduled to close on the disposition of The Chambers, as 40-46 Elgin Street is also known, by the end of the year. \The Chambers comprises four contiguous buildings, including a 14-storey office building and three heritage office and retail buildings. According to Allied's Q3 2024 report, 40 Elgin Street comprises 195,994 sq. ft of office space while 46 Elgin Street comprises 27,203 sq. ft, for a total of 223,197 sq. ft. The sale price translates to approximately $388 per sq. ft. According to Cushman & Wakefield, the purchaser was the Government of Canada (as 'His Majesty the King in Right of Canada'). In addition to the office space, The Chambers also includes 7,222 sq. ft of retail space and the whole complex was 98.2% leased as of September 30, most notably to the National Capital Commission, the Crown corporation that manages the federal government's properties in the Capital Region. \The 40 Elgin Street property was originally known as The Central Chambers while 46 Elgin Street was originally known as The Bell Block, and both were designated as heritage properties in 1991. The two buildings were constructed in the early 1890s, and were designed by architect J.J. Browne. 'Central Chambers was designated a national historic site of Canada because it is a particularly good example of the Queen Anne Revival Style, as expressed in commercial architecture,' the Directory notes. 'The heritage value of the site resides in its splendid architectural design, in which the principles of the Queen Anne Revival style have been applied to commercial purposes and in the physical properties of the structure that illustrate that design. The building was constructed in 1890-93 to the designs of Ottawa architect J.J. Browne. It has always enjoyed a high profile location and is an important contributing element in the Confederation Square National Historic Site of Canada.' The Central Chambers and Bell Block buildings were then renovated in the early 1990s alongside the addition of a new 14-storey office tower behind the two buildings.
REAL ESTATE ALLIED PROPERTIES REIT GOVERNMENT OF CANADA OTTAWA HERITAGE PROPERTIES SALE OFFICE SPACE
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