“We have no leases signed yet,” said Andrew Laurie, a senior associate with Cushman Wakefield, the commercial broker handling office leases in Merchant Square. “We do have a lot of interest in the project.”
The tower is right next to the New Westminster Skytrain station and its Columbia Street location is in the heart of downtown. It is scheduled to open by this May. “We believe we will have an anchor tenant in place by then,” Laurie said. Lease rates in the tower are from $27 to $33 per square foot, net.
Even the only councilor who voted against the city proceeding with the office tower on speculation is confident it will not become a white elephant for New Westminster taxpayers. “Looking long term, it won’t be a bad deal for the city,” said councilor Chuck Puchmayr, who expects the building will eventually be sold.
The tower was built for approximately $33 million, but a portion of that money came from the BC Lottery Corporation under a payment to New Westminster for hosting the Starlight casino, Puchmayr said.
