With Shopify as a tenant, 150 Elgin now 82% leased

Mark
Mark Brownlee
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Signing up Ottawa e-commerce provider Shopify to take over several floors at the Performance Court building has moved the city’s largest landlord into the last phases of finding tenants for its signature new real estate offering.

Bernie Myers stands outside Morguard’s new office tower under construction at 150 Elgin St.

Morguard has filled 82 per cent of the building at 150 Elgin St. now that Shopify has agreed to take over 100,000 square feet of space, said Bernie Myers, the vice-president of property management for the region.

That means two full floors and two partial floors of the 350,000-square-foot building are still available for lease.

“Being at this level it allows us to become a little more choosy on those last two or three tenants that come into the building,” he said.

The building is designed for private sector tenants who want the “latest and greatest” in office amenities, he said, such as its energy-efficient certification under the leadership in energy and environmental design (LEED) program.

The first tenant in the new building, the Canada Council for the Arts, is set to move in sometime in the next two weeks, he said. Other confirmed tenants – such as CIBC and Ottawa Tourism – will occupy the space sometime in 2014.

Morguard is excited to see Shopify move from its current location in the ByWard Market to six floors at 150 Elgin.

“Shopify is young, vibrant, full of energy, growing, dynamic – exactly the type of company that we want to embrace,” said Mr. Myers.

The fact that Shopify continues to grow rapidly is another advantage of having the company as a tenant, he said.

The firm announced this week it was receiving $100 million in new financing, part of which will be used to help expand its workforce from 320 employees to more than 500 by the end of next year.

Mr. Myers said he didn’t want to speak for Shopify’s future plans at 150 Elgin St. but said Morguard would be happy to accommodate the company as its head count grows.

He said he expects the building to be fully leased before the end of 2014.

Organizations: Morguard, Canada Council for the Arts, CIBC Ottawa Tourism

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