Bentall Kennedy pays $450m for Montreal office tower

Working on behalf of its Prime Canadian Property Fund and Sun Life, Bentall Kennedy has acquired 1250 René-Lévesque in Montreal for an estimated price of $450 million, according to media outlets.

The sellers were Oxford Properties Group and the Public Sector Pension Investment Board.

“This is one of the largest acquisitions to date for Sun Life and the Canadian Prime Real Estate Fund and represents our continued positive outlook for the Montreal commercial real estate market. The 1250 René-Lévesque is one of the prestigious commercial addresses and architectural symbol of Canada, located and well connected to a thriving downtown,” said Paul Zemla, president of investment management and director of investments Bentall Kennedy.

The property has more than 1 million square feet of office space, 30,000 square feet of retail and a 900-space parking garage.

Over the course of 2018, 62 percent of all absorption in the Greater Montreal Area took place in t