- What Kastel Holdings bought the Empire Building in Edmonton, RENX reported
- Why Company plans to upgrade the lobby and add amenities
- What’s next Kastel aims to lease up the 60% vacant property
Kastel Holdings has acquired the 108,000 sq ft Empire Building in Edmonton, with plans to renovate the property and lease up vacant space, RENX reported April 10.
Avison Young brokered the transaction for two Toronto-based pension funds. The 11-storey property was just 40% occupied when the deal closed in mid-March. No price was disclosed.
The office tower, built in 1962, is at 10080 Jasper Avenue in the financial district.
According to RENX, Kastel plans to upgrade the lobby and add an upscale coffee bar, a fitness centre with a sauna and a steam room, and a rooftop patio.
Prior to the purchase, the Empire Building’s lease rates were $16/sq ft, but Kastel president Boris Javorski told the publication that the firm will lower those rates to attract tenants. It also plans to move its own offices to the Empire Building from the west end of the city.