In a joint venture with an undisclosed Canadian institutional partner Kevric Real Estate Corporation Inc. purchased the office tower at 600 de la Gauchetière West in Montréal, Quebec, for C$187M. The 710,000 sqft building was originally constructed as the National Bank’s headquarters in 1983, however, the company will be moving in 2022 leaving a significant portion of the building vacant. The buyers plan a major repositioning of the 36-year-old building.
“This important acquisition allows Kevric to expand its offering of commercial real estate spaces for organizations which aim to distinguish themselves and will ensure the company’s growth in Montreal for years ahead,” said Kevric president Richard Hylands in a news release. “Kevric is proud to continue fuelling the evolution of downtown Montreal into a world-class Canadian city.”