534-548 Cambie Street is located in the heart of Downtown Vancouver, on-transit, near the city’s entertainment district. CBRE participated in a broker selection process, led by two adjacent land owners looking to sell their properties for maximum value. CBRE was selected as the vendors’ agent, working with many developers, architects, and City of Vancouver planning staff and council members to increase the potential density of the consolidated property, allowing for a high-rise office building to be developed. CBRE navigated development constraints such as view corridors, shadowing and setback requirements in order to successfully secure a transaction providing full redevelopment value to the vendors.
In conjunction with securing the land sale to PC Urban, CBRE also assisted the buyer in sourcing a joint venture partner in the proposed development project. The proposed development would see 250,000+ sq. ft. of prime office space in the emerging Crosstown neighbourhood, bridging the gap between Gastown and the Financial District. This joint venture opportunity was positioned in the market as an opportunity to partner with one of Western Canada’s most prominent developers to build a signature office tower, while capitalizing on Vancouver’s exceptionally well-performing office market.
CBRE successfully assembled two adjacent land-owners, a Canadian developer and Canadian private equity firm, in the disposition and capital raise of 550 Cambie Street, achieving maximum value for all involved.