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Executive Place nearly filled

The upper floors of a prominent Red Deer office building are filling.

But an official with the leasing agent for Executive Place says the main floor, which is earmarked for retail tenants, remains open.

Chad Brennand, an associate with DTZ Barnicke in Edmonton, said negotiations with a prospective tenant for the entire third floor of the 12-storey building at 4900 50th St. are ongoing.

Nova Chemical Corp. previously committed to the fourth, fifth and sixth floors, and Stantec Inc. already occupies half of the seventh floor and all of the levels above that.

Brennand added that much of Executive Place’s second floor is also spoken for, although he said he couldn’t release details at this time.

“If we can get that third floor deal done, the office component will be full.”

Meanwhile, interest in the ground floor has been subdued, he confirmed.

In the early stages of the leasing process, there were many inquiries about this 4,500-square-foot area, said Brennand. But the building’s owners wanted to avoid chopping up that area until the tenant layout above was known.

“Now, we would entertain large blocks, small blocks.”

He suggested the location would be ideal for a coffee shop or food service business.

“There are a lot of people in that building, and you’ve got City Hall across the street.”

Other types of retail uses, including medical, would also be suitable, added Brennand.

Executive Place was developed by Beca International Ltd. and Clark Builders at a cost of about $40 million.

Stantec relocated there from its former premises in the Professional Building a block east last June, and Nova confirmed in December that it was preparing to move some of its administrative staff there from its petrochemical complex at Joffre.

Business people in the downtown have been eagerly awaiting the lease-out of Executive Place, pointing to the economic spin-offs a full building should bring to the area.



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