Winnipeg's Asper family is selling the city's tallest office building, located in the city's iconic Portage and Main intersection, to two Saskatchewan-based companies.
Harvard Developments Inc. and Greystone Managed Investments Inc. announced on Monday that they have agreed to terms for the purchase of 201 Portage Ave. from Asper Tower Inc.
The deal is expected to close at the end of May, the companies said in a joint news release. The sale price was not disclosed.
The sale includes the 33-storey tower as well as an empty lot at 416 Main St. and the adjoining parkade.
The building was owned by the family of the late CanWest founder Israel Asper.
"We are very pleased with the outcome of the sale process and wish Harvard and Greystone the best as they assume stewardship of this important asset in our downtown," Asper Tower shareholders David, Gail and Leonard Asper stated in the release.
"We’ve worked hard to provide excellent tenant service and through the development of our courtyard and video panel, to also play a meaningful role for public celebrations at Portage and Main. On behalf of each of us we thank everyone who has assisted in making this investment a success."
Harvard Developments is a full-service real estate company, while Greystone Managed Investments provides "discretionary investment management services to Canada's institutional investment community," according to the news release. Both companies have head offices in Regina.