Filip
Senior Member
I thought ScotiaPlaza was built by Trizec?
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caltrane74
Senior Member
Trizec Hahn probably bought the property from Campeau during the early 1990's.
Filip
Senior Member
Oh ok...
Campeau went bankrupt and lost the building.
caltrane74
Senior Member
Did Trizec get the building in a receivership sell off of Campeau assets then?
Getting way off topic. But TrizecHahn did own the building at one point before ownership was transferred to Trizec Properties based in the US. And is currently on the block as the company focuses on US based real estate assets.
Getting way off topic. But TrizecHahn did own the building at one point before ownership was transferred to Trizec Properties based in the US. And is currently on the block as the company focuses on US based real estate assets.
Filip
Senior Member
I wonder who will buy Scotia Plaza... It's a pretty "landmark" property to have in your portfolio.
junctionist
Senior Member
I also assumed the banks owned the towers with their names on them. It's not like they couldn't afford them. They're landmark properties, and all of them look fresh and new (with the exception of FCP's marble). I wonder how these prominent new condo towers will age.
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Hydrogen
Guest
Campeau is apparently living in a typical suburban house in Kanata, Ottawa. His wife has the goods in Austria. Nothing like bankruptcy and divorce.
jaborandi
Active Member
Please anyone correct me if I'm in error, but I thought the banks did own their buildings originally but found it would be more cost effective and less hassle to sell them and lease their space.
Jdot
Active Member
I believe the banks had a "share" in their respective buildings, but not full ownership.
BMO just recently (about 2 years ago) sold their 25% share in FCP, so they have NO interest in the building aside from being the largest tennant.
BMO just recently (about 2 years ago) sold their 25% share in FCP, so they have NO interest in the building aside from being the largest tennant.
Observer Walt
Senior Member
CIBC built Commerce Court and owned it for many years, before selling it in 2000, as they thought they could put the capital to better use elsewhere. CIBC at one time had a property management arm which owned a number of office buildings. In Toronto, they also had 1 St. Clair West, and in Hamilton, the Bank of Commerce building at King and James. The whole portfolio was sold off.
Royal Bank Plaza had originally been partially owned by Royal Bank, until they sold it to OMERS, the pension plan. The other banks had not owned their buildings. First Canadian Place was the Reichman family (Olympia and York), Scotia Plaza was Campeau as already mentioned, and TD Centre was a Cadillac Fairview project.
Royal Bank Plaza had originally been partially owned by Royal Bank, until they sold it to OMERS, the pension plan. The other banks had not owned their buildings. First Canadian Place was the Reichman family (Olympia and York), Scotia Plaza was Campeau as already mentioned, and TD Centre was a Cadillac Fairview project.
Observer Walt
Senior Member
Jdot: Thanks for the reminder. BMO had owned part of the land under First Canadian Place, but did not own any of the building itself, which is owned separately and subject to a land lease. The bank sold their interest in the land a few years ago, to the other owners. Again, it would be assumed that they had better uses for the capital.
caltrane74
Senior Member
Trizec Properties sold off its Canadian assets, I'm pretty sure Scotia Plaza would have been included in the sell off. However I'm not certain who they sold it too, or if they ever managed to sell it.
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