CBRE’s High Technology Facilities Group Celebrates 30 Years in Vancouver

When Blair Quinn started at CBRE Vancouver back in 1991, the office and industrial real estate markets were like church and state. Brokers kept to their niches, avoiding overlap between asset classes and geographies.

Then the tech sector changed everything.

“The technology industry blurred lines that had historically been firm,” says Quinn, who began as an industrial broker. “Tech tenants often required a combination of office, manufacturing or lab space. That was new for our market.”

At first, office and industrial brokers stumbled over each other to pitch tech companies. But Quinn quickly identified an opportunity to better service these clients and partnered with Lisa Sturdy, a CBRE office broker at the time. It marked the start of The High Technology Facilities Group (HTFG), which celebrates its 30th anniversary this year.

“It was a disruptive proposition,” recalls Quinn. “We needed CBRE corporate buy-in to cross disciplines and territories. Thankfully management saw the potential of our idea and agreed.”

Early Days

Quinn and Sturdy began by speaking to existing technology clients to assess their interest in having broker representation. “Back then, brokers primarily represented landlords,” explains Quinn. “Tenant representation was new to Canada. We proposed our concept to five clients; three of them hired us on the spot.”

Their reputation grew and so did the demand. Eventually, the duo expanded the team, hiring Kirsty Heywood, and thereby creating the first manager of client services role at CBRE Vancouver. “A salaried non-broker client services position was game-changing,” says Quinn. “Having a team member to support us while we were out and about propelled our growth.”

The team expanded further when in 2004 Quinn recruited one of his main competitors, Kevin Nelson, and made him a co-partner. “In this business, it’s grow or die,” says Quinn. “That was one of the greatest decisions I’ve made.”

Much has changed since Nelson joined the team. It has been a launchpad for employees over the years. Today, the team boasts six members, each bringing unique skills and perspectives, and contributing to the team’s growth and achievements.

Quinn and Nelson recruited Andre Alie Day, Alain Rivère, who recently marked 10 years at CBRE, Vicky Xing and Sophie Heywood. Heywood stepped into her sister’s shoes in 2006 and their combined tenure with the team is 26 years. 

Milestone Transactions

30 years on, the synergy between the team’s co-leaders has only grown stronger. “Blair and I are like yin and yang,” says Nelson. “We have different styles, personalities and strengths that complement each other. That gives us a wider appeal to potential clients.”

With each transaction, the team built a reputation as creative problem-solvers.

In the late 1990s they helped Inex Pharmaceuticals close a deal for a new design-build of a 52,000 sq. ft. lab and office space at Glenlyon Business Park. The team negotiated favourable lease terms for Inex and completed the transaction within a tight timeline, allowing the firm to advance to clinical trials with its drug delivery products. “Nobody had ever done anything like it,” Nelson says. “Inex’s facilities became the benchmark for quality design in the Vancouver biotech community.”

Since then the team has completed 22 design-build transactions.

Sale-Leaseback Experts

The team developed expertise in sale-leaseback transactions over the years. The most recent significant value-add assignment involved CBRE assisting Coanda (now Tetra-Tek) acquire land to develop a research and development headquarters facility in Burnaby. CBRE then created a leaseback investment vehicle with plans and contracts in place to build the building, selling it into the investment market shortly after completion and creating millions of dollars in equity for their client.

Other significant value-add deals for the HTFG include helping Avigilon Corp. net a profit of $33 million on the $108 million sale-leaseback of 555 Robson Street.

The team’s success has earned it CBRE’s Hutcheson National Top Sales & Leasing Team award four times, in 1999, 2000, 2008 and 2021.

“We have asymmetric information on what’s feasible in our market,” says Nelson. “We see more moves on this chessboard than anyone else, so we can save our clients time and money. That allows us to do more business, close more deals and add more value.”

Tech Struggles

Despite the team’s successes, it hasn’t always been easy. They have had to adapt to changes in the technology sector, including the bursting of the dot-com bubble in the early 2000s, the great financial crisis of 2008, and the pandemic.

“We did all we could to save money for our clients and minimize the impact on their employees,” says Quinn. “These experiences taught us how to operate in challenging market conditions.”

Vancouver’s tech industry has had strong rebounds, benefitting from the influence of neighbouring U.S. companies like Seattle-based Microsoft and Amazon. Vancouver’s film and television, gaming, visual effects and entertainment industries have also flourished.

Although the global tech industry has faced headwinds, Vancouver’s sector has fared well thanks to a strong local tenant base. “The technology sector has become a big player in our economy,” says Quinn. “It’s been incredible to support its growth and work alongside the companies that make Vancouver the tech city it is today.”

Looking Ahead

The High Technology Facilities Group has become a powerhouse in the industry thanks to the vision of Blair and Kevin, the efforts of the team and its collaborative approach. With three decades under their belt, they know they have what it takes to guide clients through whatever comes their way.

“We’ve spent years forging a strong brand and cultivating relationships,” says Nelson. “Clients know that when they come to us, they have access to creative dealmaking, unparalleled market knowledge and best-in-class providers to get the job done.”

Adds Quinn: “After 30 years of trials and tribulations, if anyone’s got the experience and ability to help Vancouver’s tech tenants, it’s us.”