More space leased at Executive Place

The top 10 floors of the 12-storey Executive Place in downtown Red Deer have now been spoken for, says an associate with the building’s leasing agent.

And then there were two.

The top 10 floors of the 12-storey Executive Place in downtown Red Deer have now been spoken for, says an associate with the building’s leasing agent.

Chad Brennand, who works for DTZ Barnicke in Edmonton, said Friday that an unconditional deal is in place for the third floor of the 4900 50th St. structure.

He added that there is also an agreement for 2,000 square feet of the second floor.

Brennand said he can’t identify the tenants until formal leases are in place, but confirmed that both are active in the financial services industry.

“We’ve got some activity for the balance of the second floor, but that’s in the offer stage,” he added.

Nova Chemicals Corp. occupies the fourth, fifth and sixth floors of Executive Place, and has an option for space on the seventh.

Stantec Inc. is leasing half of the seventh floor and the area above that.

Brennand said tenants are still being sought for Executive Place’s ground floor, which has been designated for retail use.

“We’re still working through some prospects for that, but no major retail deals have been announced.”

He said a restaurant and coffee shop would be good options for the high-traffic site.

“The other thing that we’re open to is professional space.”

Brennand acknowledged that the building’s rent has been an impediment to some prospective ground-floor tenants.

He added that the building owners were also previously focused on the upper floors, not wanting to commit to tenants below until that mix was known.

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

hrichards@bprda.wpengine.com

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