Penreal Negotiates Leases in the Broadway Tech Centre

In October, 2000, Penreal Capital Management Inc. negotiated significant leases with two high technology companies, Redback Networks Inc. and WFI Metrobuild Ltd. (a subsidiary of 360networks inc.), in the $200 million Broadway Tech Centre business park. Broadway Tech Centre is being developed by Penreal Capital Management on behalf of institutional investors on a seven hectare site in East Vancouver formerly occupied by the Eatons warehouse.

Redback Networks Inc., a high profile technology company based near the Silicon Valley, signed a 10-year lease for approximately 141,000 square feet of office space with a 10 year option to renew. The company intends to use the space as its Canadian headquarters following its recent acquisition of Canadian high-tech company Abatis Systems. The WFI Metrobuild Ltd. lease is for approximately 150,000 square feet initially with a 20-year term and significant expansion options. WFI Metrobuild will be using its space as a “carrier hotel” for an internet exchange centre.

Keith Burrell and Elizabeth Vogt of McCarthy Tétrault’s Vancouver office acted for Penreal Capital Management Inc. in the negotiation of both leases. Brock Rowland of Farris, Vaughan, Wills & Murphy in Vancouver acted for WFI Metrobuild Ltd. and 360networks in the negotiation of its lease. Redback Networks Inc. was represented by Eric Wong at Berliner Cohen in San Jose, California.