The new owners of Bentall Centre plan to add a new office tower to the property, as well as making significant upgrades to existing buildings.
Los Angeles-based Hudson Pacific Properties purchased Bentall Centre in June 2019 through a partnership with Blackstone Property Partners. The complex was purchased from Anbang Insurance Group of China, who acquired the complex in 2016 for $1.06 billion.
The complex consists of four office towers containing 1.45 million square feet of office space, as well as 140,000 sq ft. of retail space.
Hudson Pacific plans to modernize building lobbies and corridors, install new landscaping and outdoor furniture, and enhance the retail offering.
New office tower planned for Bentall Centre
They are also planning a fifth building on the site — a 450,000 sq ft. AAA class office tower, in response to downtown Vancouver’s record low office vacancy rates.
“It is an opportunity to build out one of the last remaining downtown development sites, and we are looking forward to working closely with the city and the community to make the vision a reality,” said Victor Coleman, CEO, Hudson Pacific Properties.
Hundreds of thousands of square feet of new office supply is coming online in downtown Vancouver in the near future, but most of it is already pre-leased. New office developments include The Post (Amazon), 400 West Georgia (Deloitte), and The Stack (Ernst & Young, Blakes, DLA Piper).
Bentall Centre is Hudson Pacific’s first acquisition in Canada.