Regional Group buys Postmedia Building
Regional Group announced it has acquired the Postmedia building currently home to the Ottawa Citizen and the Ottawa Sun. Terms of the deal were not disclosed. The 186,000 square foot Postmedia building is located at 1101 Baxter Rd. sits adjacent to Higway 417.
According to a Ottawa Business Journal’s news, employees of the two local publications will not be moving from their cuurent workplace. However, office space inside the building will be consolidated to allow for 25,000 to 35,000 square which Regional Group intends to lease.
Sender Gordon, director of investments and leasing at Regional Group said:
“The Ottawa Citizen and Ottawa Sun newspapers are local mainstays, and we were happy to work out a plan that allows them to transition through this change.”
Bernie Myers, senior vice-president of real property for Regional Group said that through a long-term lease-back, the company is able to assist Postmedia secure its current location and allow for flexibility as their space requirements change.
Source: Ottawa Business Journal
Fulya Altunyay/ [email protected]