Broccolini / Canderel joint venture to complete largest office development in downtown Ottawa in 25 years

OTTAWA - Manulife Financial has entered into an agreement to purchase the new headquarters building of Export Development Canada (EDC) in downtown Ottawa from a joint venture of Broccolini Construction Inc. and The Canderel Group of Companies. The transaction is scheduled to close at the end of 2011, following completion of the 18-storey, 479,000 square foot building which is being developed by the Broccolini / Canderel partnership. "Manulife has been looking for opportunities to expand its real estate holdings and we are extremely pleased to be able to secure this prime asset in Ottawa's downtown core," said Stephani Kingsmill, Senior Vice President and General Manager of Manulife's Real Estate Division. "The building is an excellent complement to Manulife's existing portfolio of high-quality properties in strong, diverse regions across North America and Asia." Construction of the building began in May 2009 when EDC, a Canadian crown corporation, selected the Broccolini / Canderel site for its new headquarters following a rigorous and competitive bidding process. EDC, which is consolidating its operations from two neighbouring buildings, will occupy 100 per cent of the building's office space under a long-term lease which will extend to 2031.

"EDC's new headquarters will bring many benefits to the corporation and its employees, including lower operating costs, leading edge environmental considerations and a state-of-the-art work space," said Eric Siegel, President and CEO of Export Development Canada. "Broccolini and Canderel have created an exceptional building and we are thrilled to add Manulife's reputation as an owner of quality real estate assets to the long list of benefits."

Located at the corner of Slater and O'Connor streets, 150 Slater Street is the largest new office development project in downtown Ottawa in 25 years. "We are very excited about the opportunity to add this innovative and environmentally sustainable landmark to the skyline of Canada's capital," said Anthony Broccolini, Managing Director of Broccolini Construction. "We are committed to delivering a first-class, prestigious structure that will set a new standard for office towers in the city."

Clad in a metal and glass curtainwall, 150 Slater Street features several distinctive structural elements, including a defined lower podium that blends with the streetscape and a two-storey roof-top terrace. LEED Gold certification for environmental sustainability is being targeted for the project.

"This is a signature project for everyone involved and Canderel is proud to be part of the development team," said Jonathan Wener, Chairman of Canderel. "This transaction reflects both the quality of the project and the positive outlook on the Ottawa marketplace by the institutional investment community."

"150 Slater Street provides Manulife with a superb property, tenanted by a strong crown corporation in EDC, on one of the last remaining development sites in Ottawa's downtown core," said Stephen Nicoletti, Assistant Vice President and Regional Director for Manulife's Eastern Canada portfolio which includes properties in Ottawa and Montreal. "It's an ideal long-term investment for Manulife."

Manulife owns four other properties in Ottawa, including Manulife Place at 55 Metcalfe Street which the company developed in 1987.