The Canadian Western Bank was set to build a new hometown headquarters with plans for a 16-floor office tower but decided not to proceed with those plans after meeting with representatives of Manulife Place.
Manulife Place was able to offer Canadian Western Bank a larger 200,000-square-foot space within its 36-floor building in downtown Edmonton and provided the bank with space for a ground-floor branch as well as naming and expansion rights and a commitment to modernize the podium levels and outdoor terrace.
Many Edmonton real estate observers applauded the deal, with Angel Wu-Kempt of GWL Realty Advisors describing it as “a pivotal moment for the downtown office market.” The lease allowed the bank to retain its headquarters in Edmonton and avoided adding extra office space to the local supply. “A new tower to be brought into the downtown inventory was the last thing the Edmonton office market needed,” Wu-Kempt added.
The project has been selected as the winner of the 2024 CoStar Impact Award for lease of the year, as judged by a local team of real estate professionals familiar with the market.
About the Project: The deal required reimagining the available premises in order to offer the bank such a large contiguous space within the tower and it also called upon the landlord to put up significant capital to fund the upgrades, including increasing natural light, adding a tenant lounge, bike storage and upgrading the heating system.
What the Judges Said: “Utilizing current buildings rather than building a new tower will help to strengthen the overall office market. It reinvigorates Manulife Place and will assist bringing new life into the financial core,” said Chad Boddez, senior vice president of tenant representation at JLL.
They Made It Happen: Mark Hartum and Arlyn Stoik with Avison Young represented Canadian Western Bank in the lease along with Stef Schiedon, senior assistant vice president of corporate services with CWB Financial Group. Carl Ries, senior director of asset management at Manulife Investment Management, acted as owner contact.