ORC sells vacant Tremblay Rd. property in Ottawa to Federal Government

FORMER PROVINCIAL SITE CLEAN AND READY FOR REDEVELOPMENT

Sale to federal government completes rationalization of former MTO property on Tremblay Road

February 27, 2009

NEWS

TORONTO — The Ontario Realty Corporation (ORC) confirmed today that it has sold the vacant site of the former Ministry of Transportation (MTO) Works Yard at 530 Tremblay Road in Ottawa to the federal government. Public Works and Government Services Canada (PWGSC) was the successful bidder in an open and competitive process that was overseen by ORC, and managed on its behalf by BMO Capital Markets Real Estate Inc. and Cushman & Wakefield Lepage, leading commercial real estate firms. The purchase price was $24.75 million.

Office staff representing several provincial ministries relocated from Tremblay Road, as part of a larger consolidation and co-location of 11 ministries into one efficient, effective, state-of-the-art facility at Preston Square in Spring 2008.

The decommissioning of the Tremblay Road site began with the demolition of underutilized buildings while ministry tenants were still on site, and continued with a full environmental clean-up to the Ministry of Environment’s highest standard once the site was vacant.

QUOTES

“The ORC is proud to have played a role in transforming the government’s real estate portfolio in Ottawa, while meeting government priorities and ministry needs,” said Dave Glass, President and Chief Executive Officer of the Ontario Realty Corporation. “We’ve consolidated into less space, reduced our environmental footprint and cleared the way for new development.”

“The government is committed to maximizing taxpayer value from its real estate portfolio assets, while best serving public needs," said George Smitherman, Ontario’s Deputy Premier Minister of Energy and Infrastructure. "The proceeds from the sale of this surplus property will be used to pay for improvements to existing infrastructure and pay for new infrastructure that supports growth, jobs and prosperity for Ontarians."

“The Government of Canada is pleased with the acquisition of this property,” said Christian Paradis, Minister of Public Works and Government Services Canada.

“This is a great location, close to existing public transit. It will help us take pressure off the downtown core and will play an important role in our strategy for accommodating public servants in the National Capital Region.”

QUICK FACTS

· The property at 530 Tremblay Road is a 29.6-acre parcel of land in a highly visible location along the Queensway, on the southwest corner of St. Laurent Boulevard and Tremblay Road. It had been occupied by MTO since 1959, until employees were relocated in 2008.

· In 2004, the City of Ottawa adopted a new Official Plan, and designated the property as “Employment Lands”.

· On April 4, 2008 the government held a grand opening for the new Ontario Government offices at Preston Square. The co-location involved the consolidation of employees representing 11 ministries from seven previous locations in Ottawa. The state-of-the-art facility, owned by Sakto Corporation, was built to high energy and environmental specifications.

LEARN MORE

Learn more about the customer-focused real estate services provided to the Ontario government by the Ontario Realty Corporation.

Contact:

Jeff Giffen

Ontario Realty Corporation

705-564-7205

Media Relations

Public Works and Government Services Canada

819-956-2315