A 16-storey office building at 1185 West Georgia Street in downtown Vancouver has sold for $74,000,000.

Sale Price: $74,000,000
Price per SF: $446
Cap Rate: Low 4%
Building Size: 165,855 SF
Lot Size: 17,424 SF

Built in 1984 on the northeast corner of West Georgia and Bute Streets, the tower includes 157 underground parking stalls and was multi-tenanted at the time of sale, with occupants including Crowe, Hub, PGL Environmental Consultants, and Allen McMillan. The property was approximately 40% vacant at time of sale.

The vendor, Toronto-based Allied Properties REIT. Allied has been actively selling assets over the past year in an effort to re-fortify its balance sheet, and the building was listed earlier this year. The buyer was Holborn group who owns the neighbouring Paradox Hotel.

At $446/SF, the sale prices well below the $814/SF Allied paid in 2022 — a roughly 45% decline over four years that reflects the broader repricing downtown Vancouver’s office sector has undergone amid elevated vacancy and Allied’s own well-documented balance sheet pressures, which included a billion-dollar writedown on property values and an accompanying billion-dollar net loss reported in its most recent quarter. Notably, BC Assessment valued the property at $60.1 million as of July 1, 2025, down from a prior assessed value of $81.3 million — putting the $74 million sale price almost exactly between the two.

The deal was brokered by Marcus & Millichap and RBC Capital Markets Real Estate Group.

Sale Price: $48,000,000
Price per Unit: $842,105
Cap Rate: 4.7%
Building Size: 75,120 SF (57 units, average 1,318 SF)
Lot Size: 9.44 acres

Known as Twin Lakes Estates, the property spans seven two-storey, wood-frame buildings originally constructed in 1971. The unit mix is exclusively family-sized, with 13 two-bedroom suites averaging 1,050 sq. ft. and 44 three-bedroom suites averaging 1,350 sq. ft. Each unit includes in-suite laundry, a fireplace, and 2.5 bathrooms, and the site offers 117 outdoor parking stalls — roughly half covered by carports.

The vendor, a joint venture between KingSett Capital and Starlight Investments (through IMH Twin Lakes Apartment Ltd.), had acquired the asset in April 2022 for total consideration of $52,500,000, or $921,053 per unit. Since then, the ownership group invested over $1.5 million in capital upgrades — approximately $918,000 renovating 45 of the 57 townhomes (79% of the portfolio) and roughly $646,000 on exterior common area, structural, and mechanical improvements.

Despite that repositioning spend, the current sale price per unit came in below the 2022 acquisition basis, underscoring the cap rate expansion that’s worked through Metro Vancouver’s institutional multifamily market over the past several years. The deal closed with Manulife Financial identified as purchaser.

At $842,105 per unit, Twin Lakes priced well above the broader North Vancouver apartment average of roughly $465,000 per unit — a premium attributable to the property’s low-density, garden-style townhouse format, its 9.44 acres of RM-5-zoned land, and an unusually stable, family-oriented tenant base that’s supported strong long-term occupancy.

JLL listed and sold the property: https://invest.jll.com/ca/en/listings/living-multi-housing/twin-lakes-townhomes-north-vancouver

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A two-storey concrete office building in Vancouver’s Armoury District has sold for $6,250,000, representing a price of $868 per square foot.

Sale Price: $6,250,000
Price/SF: $868
Building Size: 7,202 SF
Lot Size: 5,040 SF

The property at 1777 West 8th Avenue is a 7,202 square foot multi-tenant office building situated on a 5,040 square foot lot at the corner of West 8th Avenue and Burrard Street. Built in 1975 and zoned C-3A, the building features floor-to-ceiling glazing, move-in ready office improvements, and secured underground parking. The property carries a Broadway Plan designation of FGBE (Granville/Burrard Slopes – Area E), which permits 5 to 10 storeys and a density of 3.5 to 4.5 FSR, adding a meaningful residential redevelopment layer to the asset.

The transaction was brokered by Matthew MacLean and Paul Carrothers of Cushman & Wakefield.

A single-tenant streetfront retail property at 6167 Fraser Street in Vancouver has sold for $2,900,000, representing $906 per square foot.

Property Details

• Sale price: $2,900,000
• Price per SF: $906
• Building size: 3,200 SF
• Lot size: 3,790 SF

The property is a single-storey, single-tenant retail building with gated surface parking, situated on a 33-foot frontage along Fraser Street. It is zoned C-2A (Mixed-Use) within the Sunset community and carries a Mixed-Use Low-Rise Official Plan designation. The property was vacant at the time of sale.

Fraser Street retail continues to trade at meaningful price-per-square-foot levels. For context, the $906/SF achieved here sits just below the broader Vancouver retail average and compares to recent trades such as Main & East 28th at $810/SF (August 2025). If you own retail property along Fraser Street or elsewhere in Vancouver and are curious about current market value, I would be happy to provide an opinion.

Karim Winsor of TRG Commercial brokered the sale.