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9Triple8 Jasper sale reactivates downtown Edmonton

news article

Five-year partnership between Colliers and building owner proves expert strategy and execution can lead to materially outperforming the market amidst challenging conditions

Click to view 9Triple8 Infographic

As the City of Edmonton seeks to activate its downtown through Blatchford, Ice District and the Quarters redevelopment, some office building owners are playing a key role in upgrading inventory and breathing new life into their buildings. With the departure of ATB in 2013, 9Triple8 Jasper (then ATB Place) was a typical 1979 construction office building on the corner of Jasper Ave and 99 Street. It was at this point that the owner of the property engaged Kevin Petterson and Ian Bradley of Colliers International to guide the process of reinventing the tower. The building’s successful renovation, re-leasing and sale make the closing of 9Triple8 Jasper a success story for the city, its businesses and developers, encouraging future redevelopment of commercial properties.

What makes this particular story so noteworthy is that Colliers International conducted both the leasing and sale in what was arguably the most challenging leasing and sales environment the market had witnessed in 10 years. The decisions of some first rate tenants’ (including Kingston Ross Pasnak, Associated Engineering and the Province of Alberta) decision to locate their businesses within the development speaks to the appeal of and priority placed upon quality working environments and energy efficiency.

The climax of this exciting project was Kevin Petterson’s recent sale of the property. Faced with a struggling economy and potential buyers’ aversion to a challenged office market, the listing team completed the sale at $342 per square foot1. Thanks to its long-term leases, quality tenancies and high-class finishes, the asset commanded a price more than triple the level achieved for the other office tower sales over $10,000,000 within the last year2.

For more information, please contact Kevin Petterson, Vice-President of Office/Investment at Colliers Edmonton.

1Calculated based on total rentable area of 177,369 square-feet and sale price of $60,630,000.00 
2Calculated based on office building sales over $10,000,000 since July 2016 as per The Gettel Network