LaSalle Investment Management (“LaSalle”) today announced it has purchased on behalf of an institutional investor 777 West Broadway, a 12-story signature office building in the Broadway corridor of Vancouver.
The sale is the largest Vancouver office transaction of the year to date. “We received 14 qualified bids for this property. The demand for quality product far exceeds supply and we see no reason that this will not continue throughout 2006,” said Tony Quattrin, Vice President of Investments for CB Richard Ellis, who brokered the sale.
According to Peter Martin, LaSalle Senior Vice President of Acquisitions for Western Canada, the company has purchased $100 million of commercial property in Vancouver, Calgary and Edmonton over the past six months. “We like the long-term future prospects driven by the strong economies of the Western Canadian provinces and are seeking further investment opportunities. In the case of 777 West Broadway, we particularly liked its central location close to Vancouver General Hospital, City Hall and the new rapid transit line which is currently being built linking downtown to the Airport. This acquisition represents strong growth prospects and offers a substantial opportunity for the investor.”
About LaSalle Investment Management
Lasalle Investment Management is a global investment management firm, exclusively managing real estate assets. At the present time, LaSalle Investment Management has $32 billion US of public and private assets under administration, with 525 professionals worldwide.
In Canada, LaSalle Investment Management has about $1 billion Canadian of assets under management with offices in Toronto and Vancouver. Investors consist of pension funds, endowments, high net worth individuals as well as non-Canadian investors from the United States and United Kingdom.
Note to editors: Photos of 777 West Broadway, Mr. Martin and Mr. Quattrin are available by calling Peter Martin at (604) 608 0806.