Metro Vancouver has acquired the Metrotower III, located in Burnaby’s Metrotown Centre from Ivanhoé Cambridge for $205 million.

The 29-storey, LEED Platinum office building, opened in 2014, will be the government’s new headquarters

“As part of our long-term strategic planning, we evaluated options to best meet our future needs for necessary office facilities including potential redevelopment scenarios and relocation,” says Greg Moore, Metro Vancouver Board Chair. “Based on thorough due diligence, detailed forecasting and independent third-party validation, the acquisition of Metrotower III was deemed by the board to be the most economically and environmentally responsible decision in the best interests of our members and ratepayers.”

Some benefits from the move include predictable revenues from current and future tenants, lower operating and maintenance costs and energy and resource savings.

Metrotower III is centrally located in Metrotown, offers over 414,000 square feet (38,500 square meters) of ‘AAA’ Class office space and is located near the Skytrain and public transit.

Ivanhoé Cambridge will continue to own and operate Metrotowers I and II, as well as Metropolis at Metrotown.  Ivanhoé Cambridge will manage Metrotower III on behalf of its new owner.