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Russell

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Tout ce qui a été posté par Russell

  1. Russell
    All part of the stikeman renewal...who knows maybe the elevators will stop shaking all the way to the top!
  2. Russell
    Brightlights...mcgill already leases space in multiple office towers (550 sherbrooke, 2001 mcgill college, 1010 sherbrooke) and in only one case has an ownership stake (680 sherbrooke). Maybe the point of this exercise is that if they own rvh, they could get out of those leases saving huge operating costs over the long-term. Mcgill is not going anywhere, and the institution has a glorious history. Adding rvh to the patrimony continues that path, leasing or buying office assets is so state collegesque, mcgill aspires to be ivy league.
  3. Russell
    Who else occupies the space? ONF is 120,000 sf, that leaves a lot of spec in a tough leasing market. Does the SHDM have a capital partner to share the risk? Was there a public tender or did they just do a deal at a cocktail party on a yacht at MIPIM? But its okay if they blow a bunch of money on a pretty but non-economic project, city hall will dump the losses on the demerged cities.
  4. Russell
    Possibly the most unnecessary train-wreck on the mtl condo scene. Totally dysfunctional ownership.
  5. Russell
    Yes to any project that wants to spend $1.6 billion of private capital. That forces everyone else to spend on renovations, injecting capital into the system....we need more risk-takers!
  6. Russell
    There is a clear movement for corporate office tenants to relocate into new buildings as seen by the preponderance of new supply being delivered or under construction throughout the GMA. Even if better deals are to be found within the existing supply (in fact there are many large options available), there is a strong possibility that a quality developer like Canderel will secure a tenant who is looking to "right-size" into a new building, effectively paying the same rental budget for brand new space at a reduced footprint. This trend does not help the downtown office market ownership, but granted they have all benefited from rising values over the past 10 years as interest rates and cap rates who plummeted. So no one should be crying for the pension funds, REITs and high net worth privates who will be forced to deal with short-term tenant-friendly leasing conditions. For mark_ac, although i share your views that Montreal has been suffering from population and corporate gravity shifting westward over the past 30 years, trends are cyclical in nature. The reality is that the Mtl office market has been growing at over 1 million SF per year, but it is not through office towers that you see this growth but via conversions of vertical warehouses into loft office. The fact that montreal already has such a heavily weighted downtown office inventory means that the downtown market is a target for developers to offer cheaper cost solutions, but tenants who are lured into non-traditional areas to save money may discover that their employees despise the location, parking, amenities and then they return, or like Cite Multimedia a whole new neighbourhood is born through the displacement. Montreal has the second largest office market in canada and the fifth largest industrial market in north america. Nothing is dying here...but because the denominator is high, and that government economic and social policies have created headwinds, robust growth is tougher to achieve. We who live here are all waiting for the stars to align (US economic recovery, low CDN dollar, pro-business policies, free trade agreements etc) to allow Montreal to regain its position as a top 10-15 metropolis in the world. Until then, people from places far worse off than us (Middle East, SE Asia, Africa, France) will continue to come to montreal to have a better life.
  7. Russell
    this is effectively a call center, being able to marry the development with an existing class c building makes this far more affordable than the tour qds which will be built to a much higher standard.
  8. Russell
    this lease is now signed and other tenants are confirmed. this project is a go.
  9. Russell
    middle of nowhere location. no parking. no real public transit. ferocious competition for tenants. but plenty of hipsters. sounds like it will be a huge success.
  10. Russell
    The purchaser is my source.
  11. Russell
    The condo project has a new investor/builder to get the first phase moving. In addition this investor is acquiring the corner site to build a tower secured with a hotel, likely a marriot renaissance unless I am mistaken. Good to see this moving, downtown keeps pushing west.
  12. Russell
    who will lease the other floors? the office market is saturated with supply and stagnant growth. not sure why the city needs to play promoter and compete with the private sector. sounds like this will not end well.
  13. Russell
    this project needs to start just to re-establish the developers credibility to deliver on the whole multi-phased project. it is good news that they sold the block of units to move this forward, even if the profitability is diminished, they will make it back on the later phases.
  14. Russell
    A major problem with the land is the vendor. Which serious developer wants to buy from him in light of his past. In addtion, there is the reality of FINTRAC legislation...will a broker or lawyer involved not suspect that he is a potential money launderer... This area will be a major beneficiary should the 720 be covered, and vacant lots along Viger sold and developed. Asian immigration, and student visas are on the rise, so expect some spillover into this part of town. The best is yet to come.
  15. Russell
    two questions for mods, should this not be moved to under construction, and also put in the QDS section?
  16. Russell
    does anyone understand why on earth ivanhoe built an empty office building? this is not fucking calgary.
  17. Russell
    Groupe Petra and Groupe Mach, which together invest Saputo capital, are acquiring the Standard Life tower. It will not be a Saputo head office, but will be renovated once Standard Life vacates for new office tenants. It will be a fresh look, very modern design.
  18. Russell
    this looks like the griffix
  19. Russell
    it is no accident that fournier is giving this article today and charles guay at standard life the day before. speculation has it that pauline's chequebook is out to consolidate and secure standard life's canadian head office (again) in montreal. just in time for an election.
  20. Russell
    sorry, posted in the wrong thread, this is a new CLSC/CSSS by Groupe Montoni.
  21. Russell
    the berger site is soon to be under development by Groupe Montoni. It will be a new CLSC/CSSS for downtown east plus a little speculative office/commercial development.
  22. Russell
    Ya know, i think everyone is being a little harsh on the promoters here. demand has clearly softened since they bought the land and launched the project and these guys are not out to lose money nor are their lenders, so getting sales up to 65% is clearly key for financing the construction and feeling good that they will be nearly fully sold upon completion. the fact that they swapped sales agents and are using every marketing trick in the book should not come as a surprise to encourage the on-the-fence buyer to jump on board. what is likely is that TOM will get cancelled/postponed (the developers did not pay market pricing for their land) until market conditions improve and then buyers in that project will swing to other projects that are closer to completion or ready to launch. that is why making peterson the more credible delivery is key...each percentage point on sales counts for everyone involved in the project.
  23. Russell
    I think what is clear is that Downtown East is an office market with limited private sector tenant demand. As a result, the only way to instigate development and create an intensified urban environment is through public occupier projects. Although transit is solid, this is the harsh reality of a market stuck between a huge social housing project (Habitations Jeanne-Mance) with higher crime rates, itinerance and other social issues with limited retail amenities. Private tenants prefer the central core and Quartier Internationale. As per the Tour QDS, it is still more or less considered a fringe site for top tier tenants as is the case with Philips Square. The FTQ has patient capital and political clout and Canderel is one of the most creative developers in the country. They will be in the mix for most large tenants surveying the options but they need a big user willing to pay big bucks for high quality construction to kick the smaller building off, which is no easy task in consideration of the alternatives. That is why Desjardins and Visa Desjardins is such a vital anchor for its development.
  24. Russell
    No one argues for building an office property here, the question is whether this makes any financial sense. First, I do not buy the saving itself rent argument. The SIQ leases space advanateously throughout downtown montreal, with an average net rent of $13 - $15 net plus $15 psf for taxes and operating expenses. These buildings are then typically valued at $200 - $250 psf although property values could decline as interest rates rise, the vacancy rate increases and the PQ scares away non-local investors. For an estimated project cost of $246 million for 700,000 SF of space, that equates to a construction cost of $350 psf. If an acceptable rate of return is 7%, then the government will pay itself a net rent of $24.50 psf. On the operating expenses and taxes side, there should be some energy efficiency savings on one end, however property taxes would be higher for a new modern building than the existing assets. It is absolutely unclear how the government will actually save itself money with this development, and we should be questioning first and foremost if the government should not be investing in public transit, roadways, hospitals or paying down its debt instead to create a more viable economy.
  25. Russell
    Agree that new buildings are an opportunity to showcase our culture etc. But lets all remind ourselves that this building is for government bureaucrats who will count and calculate the taxes paid by the city's existing value creators, not for private enterprises and individual who actually pay real taxes. Do these employees need LEED-certified space and amazing amenities? Will the extra HVAC circulation benefit the building's unionized occupants who for the most part will depart their offices at precisely 4:30pm. As well, the government offices that will be relocated here are mostly coming from buildings that are currently owned by private investors. Why all of a sudden is the government competing with private enterprise again, especially coming off of a year where the current government has discouraged so much new investment, should they take another stab at discouraging existing investors. Not that these employees should be scattered throughout the city, there are obviously major benefits to consolidation and rationalization strategies for major occupiers, but how nice a building do they require is clearly a subject of debate. Should this process not be part of an RFP process that is open to all developers and investors to participate in? Could this process lead to a better more affordable building? Would this not offer up nice overtones of "quebec is open for business" and not against it? I think we all know the answers which is that this government takes private enterprise for granted and only knows their own agenda.
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