FOR IMMEDIATE RELEASE
December 18, 2018, (Ottawa, Ontario) — Today, Regional Group is pleased to announce the acquisition of the Postmedia building located at 1101 Baxter Rd, in Ottawa, home to the Ottawa Citizen and Ottawa Sun.
The well-located, 186,000 square-foot building sits on 7.83 acres adjacent to the 417 Queensway and is in the path of future growth along this arterial corridor.
“Devising a strategy that benefitted both Regional Group and Postmedia’s long-term goals was imperative for us. The Ottawa Citizen and Ottawa Sun newspapers are local mainstays, and we were happy to work out a plan that allows them to transition through this change.” – Sender Gordon, Director Investments & Leasing, Regional Group.
“Through a long-term lease-back, we were able to assist Postmedia to secure its current location and allow for flexibility as their space requirements change while unlocking the real estate value in the property.” – Bernie Myers, Sr. VP Real Property, Regional Group.
Newspaper production and operations will continue on the site, while office consolidation will create the opportunity for 25,000- 35,000 square feet of new office, showroom, or retail tenancy. The property will be leased and managed by Regional Group.
“As we celebrate our 60th year developing real estate in Ottawa, we are delighted to be able to welcome such a community icon to our growing portfolio.” – Dave Wallace, COO, Regional Group.
About Regional Group
Since 1958, Regional Group has been shaping real estate in Ottawa and throughout Canada’s National Capital Region. Started as Regional Realty, the business evolved into a unique real estate platform with extensive experience handling every aspect of the real estate environment.
We create, develop, manage, and assess real estate value for our clients, partners, and investors.