Several ‘high-quality’ tenants interested in leasing space

The long-vacant floors of Executive Place should soon start to fill.

The long-vacant floors of Executive Place should soon start to fill.

The 12-storey office building at 4900 50th St. in Red Deer received a boost last month when Stantec Inc. moved its local operations into the top 5 1/2 floors. Now Chad Brennand, an associate with Executive Place’s leasing agent DTZ Barnicke in Edmonton, says he’s negotiating on most of the remaining 55,000 square feet.

“We have enough interest in the building that the remaining vacancy would be full,” Brennand said Wednesday. “And that’s not with a single occupier; that’s with a number of groups.”

He said interest has come from a number of “high-quality national tenants.”

These include Nova Chemicals Corp., confirmed Rick Van Hemmen, Nova’s Joffre site leader. (See related story.)

Brennand said DTZ Barnicke has also gotten queries from smaller local businesses, but wants to accommodate the needs of big lessees before carving out space for others.

This is particularly true for the first floor, which is designated for retail use.

“What we’ve been doing is getting interest from a number of different parties and trying to get the best mix of tenants for the main floor,” said Brennand.

That could include medical or dental professionals, and/or various other businesses.

“We haven’t ruled out a large restaurant — somebody that could service both the coffee side as well as the sit-down restaurant side.”

As the tenant mix on the floors above become known, it should be easier to get commitments for the higher-priced space on the ground level, said Brennand. That’s because they’ll likely rely on trade from Executive Place’s occupants, as well as customers from the outside.

Executive Place was developed at a cost of about $40 million by Beca International Ltd. and Clark Builders. Completed two years ago, it suffered from the poor appetite for lease space that accompanied the recession.

Brennand thinks the resurgent energy sector, and the absorption of surplus office space in Red Deer, are now driving prospective tenants to Executive Place.

“It’s just over the last six to nine months we’re starting to see some renewed interest in it and some traction with new tenants to the market.”

Another factor has been Stantec’s commitment to Executive Place, he suggested.

“As soon as you put a large tenant and a respected tenant like Stantec into a building, it doesn’t matter what market you’re in, it adds credibility to the project.”

Brennand has no doubt that a building of comparable quality in Calgary or Edmonton would have filled long ago.

“I think the dynamics of the Red Deer market are a little bit different. In the tenant base there’s not as much depth.”

Stantec relocated from its existing space about a block east on Ross Street. It spent more than $3 million renovating the seventh to 12 floors of Executive Place to meet its needs, including extending a open staircase between the 11th and 12th floors down to the 10th.

hrichards@bprda.wpengine.com

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Trudeau cancels Caribbean trip amid pipeline protests

OTTAWA — Prime Minister Justin Trudeau is cancelling his planned trip to… Continue reading

Town of Ponoka facing lawsuit from pair of local residents

Ponoka town council members and administration have been served with a lawsuit… Continue reading

Trudeau confers with cabinet ministers as rail blockades continue

The Trudeau government has been criticized for not doing more to end the blockades

Minister reports ‘modest progress’ after blockade talks with First Nation

TYENDINAGA, Ont. — Hours of talks between the federal government and representatives… Continue reading

Red Deer County investing in fibre optics

County investing $7 million over two years to improve Internet connections

Fashion Fridays: Apple body types: What you need to know

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Your community calendar

Feb. 6 A Perogie Supper is being held Thursday, Feb. 6 from… Continue reading

Woman loses 50 pairs of shoes after boyfriend accidentally donates them to thrift store

Cassandra Converse can’t wait to go shoe shopping. Last month, Converse’s boyfriend… Continue reading

RDC Queens fall in double OT to MacEwan University Griffins

Griffins 4 Queens 3 (2OT) The RDC Queens managed to salvage a… Continue reading

Trump takes Daytona 500 warmup lap in presidential limousine

DAYTONA BEACH, Fla. — President Donald Trump gave an election-year embrace to… Continue reading

Canada expected to support heavy fuel ban in Arctic despite costs to northerners

The federal government is expected to support international measures that would reduce… Continue reading

Nurses’ unions warn national standards for coronavirus protection too low

OTTAWA — The Canadian Federation of Nurses Unions is warning that the… Continue reading

‘Sonic’ speeds to $57M debut; ‘Parasite’ sees big Oscar bump

NEW YORK — The redesigned “Sonic the Hedgehog” showed plenty of teeth… Continue reading

Justin Timberlake on ‘trauma’ of being pelted with bottles at SARS concert

TORONTO — Justin Timberlake is still haunted by being pelted with what… Continue reading

Most Read