In 2018, Hines, along with a subsidiary of real estate funds managed by Oaktree Capital Management, L.P., acquired First Tower, the 27-story office building totaling 709,977 square feet situated in the Downtown East submarket of Calgary. The +15-connected office building provides efficient floorplates and unobstructed views to the Bow River and the east.
Hines and Oaktree embarked on a significant capital upgrade program to reposition the building to a Class A standard including the redevelopment of key common areas of the asset. The improvements allowed Hines to offer tenants significant value for their rent and a meaningfully improved built environment in which to work.
The comprehensive redevelopment of the 34,000-square-foot +15-level offers First Tower’s tenants a highly differentiated amenity package and user experience along with ongoing activation programming. The new space includes a tenant lounge/collaboration area; an outdoor terrace; a state-of-the-art fitness and wellness center; and a modern, flexible conference facility.
First Tower is well served by transit and only two blocks south of the recently upgraded Riverwalk. In addition, the building is positioned to benefit from public infrastructure improvements and private developments in the neighboring East Village area.