Cluster of Office Buildings Sells for $110M

MONTREAL, QUEBEC-The 970,000-sf Cite Multimedia office complex here has been sold for USD $110.8 million to Northam Realty Advisors, a Toronto-based commercial real estate investment advisor managing several pools of German and Canadian institutional and private capital. It is the largest transaction in Montreal over the past 12 months.

The project was started in 1998 and now is home to 100 multimedia and IT businesses with more than 5,600 employees. There was some controversy with the development because it included a provincial government incentive that provided up to CAN $15,000 in tax credits for every employee hired, as long as companies located in the Cite Multimedia.

Cite Multimedia is located east of the Bonaventure Expressway, between the Old Port and downtown Montreal. The project helped revitalize an historical industrial area west of Old Montreal.