Upfield Capital acquires water street heritage office building, marking strategic office investment in Gastown
Vancouver, BC | November 10, 2025 — Upfield Capital, a privately-held real estate investment and asset management firm based in Vancouver, has completed the acquisition of a 23,000 square foot heritage office and retail building at 342 Water Street in Gastown. The five-storey brick-and-beam asset will become the new head office for both Upfield Capital and EDGAR Development, as well as for Bridgemans, a global leader in floating accommodations and marine services.
Acquired from Allied Properties REIT for $10.7 million at a steep discount from the previous paid price, the building sits in the heart of Vancouver’s historic Gastown district and represents one of the larger character office assets in the area. While market sentiment on office real estate remains cautious, Upfield sees opportunity for long-term growth.
“This is an example of finding real value in today’s market,” said Rob Greer, Co-Founder of Upfield Capital. “Gastown was hit hard during the pandemic, but we believe in its long-term potential. This acquisition is a sign of reinvestment in the neighbourhood, and a signal that recovery is underway.” Built over 100 years ago, 342 Water underwent a full seismic upgrade, mechanical replacement, and roof overhaul under Allied’s ownership. Upfield purchased the asset vacant, and together with EDGAR and Bridgemans, will occupy approximately 50 percent of the building after completing interior
improvements.
“Buying a vacant office building in today’s market might seem contrarian,” added Peter Edgar, Upfield Co-founder and President of EDGAR Development. “But we see long-term value here. This is a smart investment for our companies and a return to Gastown for me personally, as my first office was across
the street.”
The new building comes with a character façade, exposed beams, and prime retail frontage, exemplifying the kind of legacy real estate that Upfield believes can be repositioned for long-term performance.
This transaction continues Upfield’s track record of sourcing high-yield assets in under-appreciated markets — from recent industrial and rental investments in Alberta to this latest strategic move into Vancouver’s recovering office sector.
“This was a rare and notable opportunity offering long-term value,” said Matt Saunders, Vice President, Colliers. “The building’s recent restoration has beautifully preserved the historic character while providing state-of-the-art functionality for EDGAR’s new head office. The team was able to move quickly and decisively which allowed us to help secure the acquisition.”
“The sale of 342 Water Street highlights the continued resilience and appeal of Vancouver’s commercial real estate market. Even in a shifting office market, well-located assets remain highly sought after,” said listing agent Carter Kerzner, Senior VP with CBRE. “This transaction reflects strong buyer confidence and the enduring strength of Vancouver’s downtown core.”
PROPERTY DETAILS
TOTAL GLA – 21,640 square feet
OFFICE GLA – 18,434 square feet
RETAIL GLA – 3,206 square feet
Media Contact:
Cori Howard Communications
cori@corihowardcommunications.com | 778-987-1345
About Upfield Capital
Upfield Capital is a Vancouver-based real estate acquisition and asset management firm focused on building a long-term, diversified portfolio of high-performing real estate assets across Canada. Co-founded by Peter Edgar and Rob Greer, Upfield leverages institutional discipline with entrepreneurial speed to deliver stable, accretive returns. With a portfolio that spans industrial, rental housing, and mixed-use developments, Upfield is backed by a network of high-net-worth and institutional investors aligned for long-term value creation.