A northwest Calgary office building that houses construction company Maple Reinders and a life-sciences workspace has changed hands for $6 million.
The Class A property, located at 32 Royal Vista Dr. N.W. in the Royal Vista Business Park, spans 18,129 square feet and sits on 1.58 acres. Avison Young represented the seller in the deal. The identity of the buyer was not disclosed, though Avison Young described the purchaser as an owner user.
Tenants Include Construction Firm and Life-Sciences Hub
Maple Reinders, described as one of Canada’s largest construction companies, operates its Calgary office from part of the building’s second floor. Marketing materials for the property indicated that as much as 8,977 square feet on that floor had been available for occupancy starting in August.
The ground floor serves a different kind of tenant. Biohubx runs Biospace 1 at the site, a 9,100-square-foot shared laboratory and office facility designed for early-stage life-sciences companies.
Completed in 2013, the building includes 78 surface parking stalls, a fitness facility, and access to Stoney Trail.
Sale Price Reflects Shift From 2016 Peak
The $6 million transaction works out to roughly $331 per square foot. According to research from Barclay Street, the same property previously sold in 2016 for $601 per square foot, a price that placed it among Calgary’s higher-valued office transactions that year.
The drop in per-square-foot value between the two sales illustrates how pricing for this Calgary office property has changed over roughly a decade, though no additional detail was provided on the broader market conditions behind the shift.
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