PBC Real Estate Advisors Inc., has entered into a joint venture with CLV Group Inc. and two other institutional investors to acquire the office building at 360 Laurier Ave. W. in Ottawa, ON. The joint venture will be converting the vacant office building into approximately 139 residential apartments with numerous amenity areas and 1,450 square feet of retail space.

The property is an ideal candidate for residential conversion given its shape and floorplate, and presents an excellent opportunity for PBC and its partners to capitalize on the high office vacancy rates in Ottawa’s downtown core coupled with extremely high demand for housing.

The conversion from office to residential significantly reduces greenhouse gas emissions compared to a newly constructed residential development, and benefits from much quicker time-to-market.