Canada's Crown Realty buys office buildings in Ottawa for $56.5 mln

QuadReal Property Group, a Canadian real estate investment, operating and development company, has closed on the sale of Carling Executive Park, a trio of prime class-A office buildings in Westboro, Ottawa, for $56.5 million.

QuadReal Property divested the office buildings to Toronto-based real estate investment firm Crown Realty Partners. The deal is expected to expand Crown Realty's footprint beyond the southern Ontario market.

The acquired properties, located at 1525, 1545 and 1565 Carling Avenue, contain 289,000 square feet of office space, built in the mid-1980s.

Crown Realty is partnering with Canada-based Glenview Management to make significant upgrades to the buildings’ amenities, expected to begin this fall. More so, Glenview Management will act as the property manager.