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H&R REIT Signs the Largest Single Tenant Lease in Canadian History
H&R REIT to Develop the Bow a 1.9 Million Square Foot Head Office Complex in Calgary
CNW, Toronto (9 Feb 2007)
TORONTO - H&R Real Estate Investment Trust announced that it has entered into agreements for the development of "The Bow" - EnCana Corporation抯 future head office of approximately 1.9 million square feet, to be constructed in the heart of downtown Calgary. A subsidiary of H&R, Centre Street Trust, has completed the acquisition of the lands from affiliates of EnCana Corporation for a price of approximately $70 million. The Project will be located on a high profile site comprising the better part of two city blocks in downtown Calgary. The north block of the Project will contain The Bow, a class AAA, state-of-the-art, office and retail complex which will be the tallest office building in western Canada and will dramatically transform Calgary抯 skyline upon its completion, expected by fall 2011. In addition to The Bow, the south block of the Project will include retail, additional office and cultural facilities of approximately 200,000 square feet, to be developed on adjoining lands.
EnCana Corporation, the sole tenant for 100% of the office space and 700 parking stalls in The Bow, is a North American industry leader in unconventional natural gas and integrated oilsands development, and is one of Canada抯 largest companies with a current enterprise value of approximately CDN$53 billion. EnCana enjoys strong investment grade ratings. The Bow is designed to fully meet EnCana's current and future office needs and to serve as its headquarters for at least the next 25 years.
The north block of the Project will be developed with a 59-storey office tower containing approximately 1.84 million square feet of class AAA office space, approximately 20,000 square feet of retail space and a 700-vehicle below-grade parking garage. The striking architecture of the steel and glass, crescent-shaped, office tower will include a full height interior atrium, which is designed to provide the tower with spectacular mountain views, an abundance of natural light and three "sky-gardens" that will provide the tower抯 occupants with unique meeting and amenity space. Construction of the Project is expected to commence this summer and has a current budgeted cost of approximately $1.1 billion for the north block.
The south block of the Project will be a multi-level, mixed-use building containing approximately 100,000 square feet of high-quality retail space, and up to 100,000 square feet of additional office and cultural arts space, as well as up to an additional 700 vehicle below-grade parking garage. EnCana Corporation has agreed to be responsible for the reimbursement of the cost of the 100,000 square foot office and cultural component of the south block development. This facility is expected to feature first class retailers and cultural users and will be designed with a quality and finish substantially equivalent to The Bow, so as to create a fully integrated world class mixed-use development.
This remarkable Project has been designed by Foster + Partners of London, England - an international studio for architecture, planning and design that currently has projects in 22 countries and has worked in as many as 55 countries. The retail consultants were Canada抯 leading retail consulting firm, Talbot Consultants International Inc. of Toronto.
© Talbot Consultants International Inc.