Land Title Office

611 Agnes Street

Martello was hired by Granville Savings & Mortgage Co. to assist them in the repositioning, lease up and sale of a 3 story, 60,000 square foot vacant office building they repossessed located at 611 Agnes Street, New Westminster.

The Asset Strategy

When the property was handed to Martello it was in unleasable condition, being BC Telephone’s former switching station. Through working with a leasing agent it was determined that BC Building Corporation (BCBC) was tendering a request for proposal to relocate the BC Land Title Office from their location in the downtown Vancouver courthouse to a more centralized location in the lower mainland. Providing BC Land Title Office with a modern, professional and secure building was crucial to winning the bid. Martello successfully devised a comprehensive building modernization and tenant improvement plan that met all of BCBC’s criteria. The first step of the improvement work was modernizing the building’s systems and common areas. Martello acted as project manager when upgrading lobbies, elevators, HVAC systems and even installed an inter-office stairwell. Secondly, Martello acted as liaison between the tenant improvement contractor and BCBC in addition to managing the construction. The request for proposal required the potential property to have state-of-the-art fire suppression system in order to protect all of BC’s land title records. To provide that level of safety, Martello worked in conjunction with a code consultant to install one of BC’s first halon gas fire suppression systems, one of the most advanced systems at the time.

The Result

Upon lease up and occupancy, the property’s address was changed to 88 Sixth Street to better be able to market the property to Asian Investors. In the end, the property was sold and Martello achieved the Client’s objectives of recovering the invested capital from the bankrupted asset, in addition to earning the client a tidy profit.

Executive Summary

Executive Summary

Civic Address

Now: 88 Sixth Street New Westminster, BC

The Client

Granville Savings & Mortgage Co.

Asset Strategy

Reposition Building Lease up Vacancies Oversee Sale

Project Timeline
Asset Manager

Wayne Smithies

Anchor Tenant

BC Land Title Office

Interesting Fact

One of BC’s first halon gas fire suppression systems

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