Attributes

Building area gross

29,455 m²

Occupancy

100%

Year built

1987

Land area gross

3,803 m²

Storeys

Parking spaces

186

Description

Capital Commercial Investment Services Inc. (“CCIS”) and Jones Lang LaSalle Real Estate Services, Inc. (“JLL”) (collectively, the “Advisors”) have been retained by Investors Syndicate Property Corp. (the “Vendor”) for the purpose of exclusively marketing for sale a 100% interest in 447 Portage Avenue, Winnipeg, MB (the “Property” or “Site”), a prominent, high-profile downtown site, currently improved with an institutionally owned and managed 18-storey office tower.

Strategically positioned in the heart of Downtown Winnipeg, the Property comprises a 280,791-square foot office building situated on a 0.94-acre corner site at the intersection of Portage Avenue, Colony Street, and Memorial Boulevard.

Currently 100% leased to a single tenant, the Property offers investors stable in-place income with a short-term leaseback arrangement on the full building required until July 31, 2028, providing buyers an opportunity to occupy the building at that time or commence a redevelopment strategy. The anticipated vacant possession in mid-2028 provides flexibility to execute a value-add strategy, including residential conversion or comprehensive redevelopment.

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Investment Highlights

6.0% GDP Growth forecast between 2027 and 2030; steady economic momentum in Winnipeg
100% Leased to a single tenant; stable income through July 2028
Premier 18-storey office tower in downtown; strategic positioning in dynamic market
Situated on a 0.94-acre site with excellent transit and walkability
Competitive 3.5% Vacancy rate; rental growth at 3.5% YoY
Potential for residential conversion or redevelopment post 2028
Proximity to major projects like Portage Place's $650M redevelopment