Ottawa’s office market just got a big confidence boost.
CBRE recently brokered the sale of 150 Slater St., a 447,448 sq. ft., Class A office tower in the heart of the capital’s financial district.
The 19-storey building was acquired from Manulife Investment Management by Ottawa-based Regional Group at an undisclosed price in a deal led by Nico Zentil, Jaysen Smalley and Peter Senst. The tower is the global headquarters for Export Development Canada, the sole tenant.
“This is the first big Ottawa office deal to get done in several years,” says Zentil, noting that the sale of 160 Elgin in 2023 was the last substantive downtown deal.
“Investors are migrating back into the office space, speaking to the enduring strength of the sector despite recent challenges. This is a bellwether deal not only for Ottawa but for the rest of Canada, too.”
150 Slater St. is one of Ottawa’s best trophy office buildings. Constructed to a LEED Gold standard, it has abundant natural light, flexible layouts, a private fitness facility, 215 underground parking spaces and direct access to the city’s light rail transit system.
Fruitful Partnership
The 150 Slater sale is the third deal done between Manulife and Regional Group in recent years. Regional Group acquired Churchill Office Park at 1600 Carling Ave. from Manulife in 2024 and purchased Qualicum Centre at 2932-2936 Baseline Rd. from the investment management firm in 2022.
“The history and strong relationship between the buyer and seller were favourable indicators for the success of this high-profile offering,” says Zentil, referring to 150 Slater.
“While office sales are making a comeback, the 150 Slater deal showcases the CBRE platform and our ability to reach a wide variety of capital sources globally. Being able to tap into existing relationships was absolutely critical.”
“We’re offering our clients the best guidance possible at any point in the business cycle. I think that’s why we’ve had a really good run brokering Ottawa’s biggest office deals over the past decade,” Zentil adds.
Improving Office Prospects
Ottawa’s office market, which historically enjoyed stability due to a significant federal government presence, has experienced elevated vacancy in recent years.
Overall vacancy rose to 13.2% in the final quarter of 2025, with ~240,000 sq. ft. of negative net absorption in Q4 alone, according to CBRE figures. Much of this resulted from the federal government giving back space.
“It’s been a challenging time for the office and investment landscape in Ottawa,” Zentil acknowledges. “The federal government reduced their footprint and there was some ambiguity around its return to office plans. Thankfully that’s settling now with a return to office mandate recently implemented by the Prime Minister.”
The 150 Slater deal sends an encouraging signal about the Class A Ottawa office market. “We were able to generate a very competitive bidding process for this trophy property, which shows that confidence and conviction in certain segments of the Ottawa office sector, namely Class A,” says Zentil.
“It bodes well for other groups that might be contemplating sales.”
Recent Insights
-
CBRE recently brokered the sale of 150 Slater St., a 447,448 sq. ft., Class A office tower in the heart of the capital’s financial district.
-
The seven-storey office building is being built on top of a restored former 100+ year old warehouse, combining the aesthetic of a century-old brick and beam structure with the functionality and sleekness of new, state-of-the-art office space.
-
CBRE’s Jeremy Deeks and John Fisher helped relocate ATCO to a new office building in downtown Edmonton, one of the city’s largest and most impactful office relocations in over a decade.
Stay In The Know
Subscribe today and join hundreds of professionals who get the latest blogs delivered straight to their inbox.