Downtown Real Estate

[JNO1]

^ According to the BOMA 2022/23 Commercial Real Estate Guide, the total office area in the ATCO Center is just over 300k (20 floors and 15k floor plates).
That is a big step for ATCO. They, and their subsidiaries and affiliates have been in the "red square" since it was finished in 1982. They were in the Milner for many years before that.
From what I know ATCO only has space in the ATCO Center right now. They may still have their call center in one floor of Standard Life - not sure about that though.
They used to have space in CWB and Milner but have been out of those two buildings for a number of years.

 

[edm13]

^ According to the BOMA 2022/23 Commercial Real Estate Guide, the total office area in the ATCO Center is just over 300k (20 floors and 15k floor plates).
That is a big step for ATCO. They, and their subsidiaries and affiliates have been in the "red square" since it was finished in 1982. They were in the Milner for many years before that.
From what I know ATCO only has space in the ATCO Center right now. They may still have their call center in one floor of Standard Life - not sure about that though.
They used to have space in CWB and Milner but have been out of those two buildings for a number of years.

What do we think happens to the red square? Could it be a candidate for residential conversion?

 

[Glenco]

I believe it is around 175k? Their current building is 400 if I am not mistaken. Can someone confirm those?

Where are you going to find 600,000 square feet of contiguous office space?

 

[MacLac]

Build new?!

 

[IanO]

Build new?!

Yeah, no.

 

[Gronk!]

If ATCO moves to CWB or RH Place that is then renamed to ATCO Tower then I can see their current office space getting converted to mixed hotel/residential suites with the lobby level converted to retail and cafe/restaurant/pub spaces c/w patios. Balcony installation may be doable but not likely.

 

[SarcasticMarmot]

Where are you going to find 600,000 square feet of contiguous office space?

I'm a little unclear. The way I read IanO's post it sounds like they are downsizing to 175k from 300k. Or are they seeking to add 175 to the 300 so looking for a totalk of 475?

 

[Gus Haynes]

^Yeah, I read Ian's post to suggest that ATCO wants to downsize from 400k to 175k. But perhaps Ian can correct us if we have misinterpreted him.

 

[archited]

I don't see the rationale for an RFP if they are downsizing -- just cede excess space to the marketplace. RFP suggests a unifying expansion with room for affiliates to join in the fun. Ian is often cryptic in his "reporting" to the point where we have to guess what he is thinking.

 

[husky]

I heard from someone at ATCO that it is for the staff for the new pipeline project and related works. (take it with a grain of salt)

 

[JNO1]

^ That would be incredible. That would be +175k of net new absorption if that is true. I was concerned that ATCO was downsizing from their current 300k space in the "Red Square" to the 175k, a net 125k new vacant space. Fingers crossed your source is right on this @husky . I will send out a couple feelers to see if I can confirm.

 

[IanO]

NAIOP gets it.

Investments in Downtown Project - NAIOP Edmonton

Welcome to the Investments in Downtown series! We are excited to showcase a collection of determined developers and landlords that are making big investments in downtown. Their projects highlight positive changes that are occurring to bring new people, and new energy into the heart of our city...

naiopedmonton.com

 

[archited]

Isn't it amazing what a positive attitude can do?

 

[MacLac]

Isn't it amazing what a positive attitude can do?

That and removing, displacing and hiding the homeless and gang populations is really the only deciding factor

 

[bodsbods9090]

I heard from someone at ATCO that it is for the staff for the new pipeline project and related works. (take it with a grain of salt)

Wonder if they would be acquiring land to build a new facility, say in Nisku/Leduc area.