500 Fifth

500 5 Avenue Southwest, Calgary, AB, T2P 3L5, CA

Asset Description

Jones Lang LaSalle Real Estate Services, Inc. (“JLL” or the “Advisor”) is pleased to present an opportunity to acquire 500 Fifth which is a prominent and distinctive centre core office tower located at 500 – 5th Avenue SW, Calgary, Alberta (the “Property”). The Property comprises of 261,500 square feet (“SF”) of rentable area and is fully built-out to a functional office standard showcasing exceptional condition. The Property is currently vacant, ready for a new identity in the dynamic Calgary market.

The Property offers a rare opportunity to acquire a value-add office asset, or a complete reposition via residential conversion. The Property has an efficient floor plate and offers no tenant risk, should conversion be desired. Alternatively, an investor can take advantage of the rebounding and robust downtown Calgary tenant market and reposition this asset as a plus 15 connected and well located high quality office opportunity for tenants of various sizes.

The Property is being offered to the market on an unpriced basis. For all inquiries, please contact the Advisor.

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Attributes

Building area net

24,297 m²

Number of floors

Year built

1982

Land area gross

1,619 m²

Parking spaces

Zoning

CR20-C20/R20 Commercial - Residential Core

Media

Investment Highlights

VALUE-ADD OR CONVERSION OPPORTUNITY

A rare opportunity to acquire a fully vacant building with floors in turnkey condition. Alternatively, it is an ideal office-to-residential conversion candidate with optimal floor plates.

LEASING VELOCITY ACCELERATES

Leasing activity is trickling over to B class buildings as Central Core Trophy assets are stabilizing and there is less availability within the market. Overall availability has stabilized at 25%, its lowest since 2019.

PRIME LOCATION

Situated in a high-traffic area at the intersection of 5 Ave SW and 4 St SW. 500 Fifth is a short walk to the City of Calgary light rail transit line, Prince’s Island Park, Stephen Ave, and a variety of bars and restaurants.

DENSIFYING NODE

New developments and conversions are coming online within a block of the Property as the City of Calgary has incentivized developers and investors with its office-to-residential and demolition incentive programs.