BURST
Global developer QuadReal Property Group has announced it is selling The Post, a landmark office building in downtown Vancouver billed as one of the most ambitious redevelopments in Canada’s history.
In a news release Thursday, QuadReal, which is owned by pension fund B.C. Investment Management Corp., did not disclose the buyer or sale price for the former Canada Post building on West Georgia Street.
But a source told Postmedia that Pontegadea, the investment firm of Spanish billionaire Amancio Ortega, founder of the Zara fashion company, is the buyer.
QuadReal said it will remain as the property manager “to ensure continuity of service excellence for both tenants and building community.”
Originally built in 1958, The Post was designed by McCarter Nairne & Partners, a leading architectural firm in Vancouver.
The redevelopment, which was announced in 2015 and complete in 2023, included restoring many iconic building features, according to QuadReal, while adding 1.1 million sq. ft of office space. It is the largest office building in Vancouver.
In 2019, Amazon leased the entire building, where thousands of Amazon employees currently work.
According to a report by Bloomberg News , Ortega’s investment firm, Pontegadea Inversiones SL, paid more than $1.1 billion for the property.
The deal makes Ortega Amazon’s new landlord for a second time in the city, following his recent purchase of an Amazon-leased warehouse in nearby Burnaby, Bloomberg reported.
The 89-year-old is the world’s 17th richest person, with a net worth of about US$113.8 billion, according to the Bloomberg Billionaires Index.
Ortega also owns the Royal Bank Plaza in Toronto.
With files from Joanne Lee-Young
More to come …