If you’re in the market for commercial real estate, particularly in the Waterloo, Ont. region, you may want to talk to BlackBerry.
The smartphone manufacturer has teamed with CBRE Ltd. to strategically divest the majority of its commercial real estate portfolio through a combination of sale-leaseback and vacant asset sales. In total, over three million square feet of space is going on the market.
“BlackBerry remains committed to being headquartered in Waterloo and having a strong presence in Canada along with other global hubs,” said BlackBerry CEO John Chen, in a statement. “This initiative will further enhance BlackBerry’s financial flexibility, and will provide additional resources to support our operations as our business continues to evolve.”
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BlackBerry has declined to put a potential value on the property that is going on the market.
According to a brochure advertising the sale released by CBRE, 54 per cent of the property being listed is in Waterloo and 24 per cent in Cambridge, with the rest split between Ottawa and Montreal. Some 83 per cent of the property was built after 2000, with 67 per cent being office space and the rest office/warehouse.
The University campus adjacent to the University of Waterloo is the largest block, with 13 properties totaling over two million square feet. There are also campuses in Cambridge, in the Kanata area of Ottawa and its Mississauga Airport Corporate Campus, off Eastgate Parkway.