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INVESTOR PURCHASES 36,000 SF KPMG OFFICE BUILDING
GOOD NEWS FOR KINGSTON'S OFFICE MARKET
AUTHOR: CUSHMAN & WAKEFIELD KINGSTON | DATE: OCTOBER 19TH, 2021
Cushman and Wakefield Kingston have successfully sold the KPMG office building located at 863 Princess Street to the Keilty Realty Corporation. Peter Kostogiannis, Broker of Record and President negotiated the transaction on behalf of the seller and buyer.
With 7 long-term tenants, a 96% occupancy rate, approximately 36,561 sf of total building area, a multi-level parking garage and an estimated NOI of approximately $457,603.00, the property attracted many investors between Ottawa, Kingston, and Toronto. Despite the challenges faced within the past year associated with the pandemic, investors see potential and have not been deterred from the office market.
National office absorption has slowly increased quarter-over-quarter since it’s low in Q2 2020. As companies across the country plan their back-to-office strategy and, pandemic restrictions ease there is cautious optimism among commercial real estate professionals. Post pandemic trends have shifted the way we work, making us reimagine office space as we know it. For the office sector, change is inevitable but with the path forward becoming clearer, it’s evident that investors are motivated to purchase.
Contact us for more information on the transaction at (613) 542-2724.
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