20 February 2018 0 Comments Posted By : Tyler Orton

Avigilon closes $108m sale of downtown Vancouver office tower

Avigilon Corporation (TSX:AVO) has closed the previously announced sale of its downtown office tower for C$107.5 million, the company announced February 16.

Avigilon, which specializes in high-definition surveillance software and hardware, originally bought the tower at 555 Robson Street from Telus Corporation (TSX:T) in 2015 for C$42 million.

The property, including both the land and the building, was valued at C$92.6 million as of last year, according to the B.C. Assessment Authority.

Avigilon will continue to lease the office space in the building following the sale’s close, which comes the same month Motorola Solutions (NYSE:MSI) announced it was acquiring the Canadian tech company for US$1 billion.

The 135,000-square-foot building is nine-storeys high and sits adjacent to the C$750-million Telus Garden development.

Avigilon performed its own renovations on the tower before moving into the space in early 2016.

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