Reliance Properties announced Friday morning that Vancouver-based athleisure giant Lululemon has leased 9 out of 10 floors at the new Burrard Place office building.
The commitment consists of 120,000 square feet of space, making it the largest office lease transaction since Amazon at The Post.
“This transaction signals that large firms are committed to office space, which changes the pervasive pandemic narrative that cast into doubt the need for office space,” says Blair Quinn, vice chairman of CBRE, which brokered the deal.
Reliance broke ground on the building in 2018, and the development is their first office building built “from the ground up.”
“Our vision is to bring job spaces close to homes and all kinds of transit options and amenities, which is the kind of smart growth that defines forward-thinking cities like Vancouver,” says Jon Stovell, president and CEO of Reliance Properties. “Downtowns are the economic engines of major cities and regions, and through market cycles, they remain resilient, and we need to ensure that by pitching big ideas and making bold decisions.”
Lululemon is also planning a new headquarters building at Foley and Great Northern Way on the False Creek Flats in east Vancouver.
Reliance remained bullish on Vancouver commercial real estate during the pandemic, making major purchases across downtown and launching the construction of new office buildings, including 1166 West Pender, a 32-storey office tower in the Central Business District being developed with Houston-based partner Hines.
In total, Reliance has over one-million square feet of commercial space in Vancouver and Victoria in various stages of predevelopment or construction.