Sold!

Sale-leaseback of seven federal buildings won't affect services

PWGSC has finalized the sale-leaseback of seven federal office properties. Following an extensive and competitive process, the properties have been sold to Canadian-owned Larco Investments Ltd. for $1.41 billion and leased back to the Government of Canada for the next 25 years.

"This transaction was carefully designed to safeguard taxpayers and offer the greatest value to government," said Minister Fortier. "In fact, for the first time ever, the Auditor General of Canada will have access to the building-related financial statements of one of the government's landlords. This ensures a new level of transparency in government leasing."

The office buildings are located in Edmonton, Calgary, Toronto, Ottawa and Montreal. The final sale happened on October 31.

Canadians will continue to have the same level of access to federal programs and services under the new ownership. The government will also continue to occupy the buildings and display the Canadian flag and the right to name the buildings. The leases PWGSC is signing with Larco will ensure the buildings are well-maintained and all federal health and safety, environmental, accessibility and other standards are respected.

Departments will continue to work with their assigned account executive or any other Real Property Branch contacts for issues such as fit-ups and future space requirements. Clients will also continue to call the National Service Call Centre for such things as heating, lighting and plumbing. Restoration, refit and other projects either underway or planned for the buildings will continue as anticipated.