GWL Realty Advisors buys First & Jasper Tower in Edmonton

Great-West Life (GWL) Realty Advisors Inc., an investment management company, announced it has added the development at 101st St. and Jasper Ave. in Edmonton to its portfolio on behalf of one of its investor clients for $104.8 million.

GE Canada Real Estate was the previous owner, which embarked on a redevelopment of the 20-storey office building and adjoining two-storey podium that was completed in 2013.

Renovations brought new tenant lobbies, washrooms and corridors, elevator cab modernization, environmental and mechanical upgrades, a completely renovated main floor lobby and an expanded ground floor with a new retail podium.

An application for LEED EB:O&M Gold certification is being processed. The development is named “First & Jasper”, a Class ‘A' office building offers tenants direct access to the LRT and pedway system, as well as the convenience of amenities including restaurants and retail shopping.

GE Canada Real Estate was represented in Edmonton by Dentons Canada LLP with a team that included Grant Vogel (real estate - Edmonton), John Lemieux (corporate and commercial - Edmonton), Amy Oygen (real estate), Clark Kassian (real estate - Calgary) and Barry Zalmanowitz (competition and antitrust - Edmonton).

GWL Realty Advisors Inc. was represented by Blake, Cassels & Graydon LLP with a team that included Garth Anderson (real estate), Paul Logan (real estate) and Larissa Svekla (real estate) in Calgary, as well as Charles Layton (competition) in Toronto.