Upfield Capital acquires Vancouver heritage office building

VANCOUVER – Upfield Capital, a Vancouver-based real estate investment and asset management firm, has completed the acquisition of a 23,000-square-foot heritage office and retail building at 342 Water St. in Gastown.

The five-storey brick-and-beam building will become the new head office for both Upfield Capital and EDGAR Development as well as for Bridgemans, which specializes in floating accommodations and marine services, explains a release.

The property was acquired from Allied Properties REIT for $10.7 million.

“This is an example of finding real value in today’s market,” said Rob Greer, co-founder of Upfield Capital in a statement. “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.

“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 retail frontage.

“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.”

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