JV Buys Winnipeg's Tallest Office Tower

A joint venture between Harvard Developments Inc. and Greystone Managed Investments Inc. has acquired 201 Portage in Winnipeg from David, Gail and Leonard Asper, the family of the late CanWest founder Israel Asper operating as Asper Tower Inc. Terms of the deal were not disclosed, but one local source said the price tag was "probably north of $150 million."

"We are very pleased with the outcome of the sale process and wish Harvard and Greystone the best as they assume stewardship of this important asset in our downtown," the Aspers said in a statement. "We've worked hard to provide excellent tenant service and, through the development of our courtyard and video panel, to also play a meaningful role for public celebrations at Portage and Main."

"201 Portage Avenue is an iconic building on a marquis corner and we are very excited about acquiring it," added Rosanne Hill Blaisdell, Managing Director of Harvard Buildings Inc. "This transaction provides Harvard an enhanced opportunity to be an important contributor to the Winnipeg business community and to play a meaningful role in the Winnipeg Real Estate Market."

Formerly known as CanWest Global Place, the 33 story office tower is the tallest in the city and offers 510,000 square feet of Grade A office space; the transaction also included an empty lot at 416 Main Street and the adjoining parkade. Located in the city's central business district, the property was built in the late 1980s for about $40 million, and served as the headquarters of the CanWest media empire until 2011. Major tenants include RBC‐Dominion Securities, MNP and Thompson Dorfman Sweatman.

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