Westmount Square, a landmark building near downtown Montreal and designed by famed architect Ludwig Mies van der Rohe, was sold to Creccal Investments Ltd., on behalf of Elad Canada.
The pair of office towers and shopping complex totalling 328,588 square feet was on the market for three months before the deal was sealed for an undisclosed price.
“There was a tremendous amount of interest from both domestic and international investors,” said Scott Speirs, vice-president of JLL’s Capital Market Group, which acted as broker for Elad Canada, along with Primecorp’s national investment sales team. “It was a highly competitive process in which local, national and international investors competed to acquire a rare trophy asset in the Montreal market.”
Westmount Square dates back to 1967 and is situated in the City of Westmount, one of Canada’s wealthiest neighbourhoods. Creccal Investments Ltd is a Montreal based real estate investment and property management company with major holdings in Westmount, Montreal and Toronto.
“Creccal Investments Ltd is proud to have achieved yet another milestone in its growth and presence in the Westmount area where its founder’s roots date back to 1971,” added Rica Crecco, vice-president of operations.