This 79,500 square foot office building at the corner of Hastings and Howe was acquired by a private family trust in the mid 1990s. At the time, the downtown office market was experiencing high vacancy rates, and the owners were having problems leasing vacant space as the lower quality design was not attracting ten-ants. The family ownership had a long term vision and needed an astute asset and property management company that could effectively reposition the prop-erty to ensure it’s success.
At the outset, Martello spearheaded remerchandising the retail units to adapt to the diminished presence of ladies fashion along the West Hastings corridor. Na-tional retailers such as Starbucks, Iris Optical and Flight Centre were quickly at-tracted to the high profile corner. Previously known as the Atrium Building, Prime Capital Place was notable for it’s 11 storey lobby atrium. Between 2009 and 2012 Martello developed and imple-mented an atrium infill plan, costing over $5 million, which increased the leasable area of the building by 15%. During this period, Martello also undertook a com-plete upgrade of the mechanical systems, thereby reducing utility costs by 50%. This strategic development allowed Martello to secure a long-term government lease for 58% of the building, and also attract new professional firms to the build-ing including accountants and engineering firms.
Final aesthetic upgrades are still under-way, but through the successful implementation of the redevelopment strategy Martello has been able to position the building as a high class B property, earning the client an impressive increase in both net operating income and valuation.
808 West Hastings Street Vancouver, BC
Private Family Trust
Public Guardian and Trustee
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