Repositioning specialist Marlin Spring has ventured into the Ottawa office market via a joint acquisition with Colonnade BridgePort. The two firms have partnered to purchase a 12-storey office building at the intersection of Metcalfe and Slater Streets in Ottawa’s central business district.

The new owners point to the prominent location, nearby amenities, including the easy access to the city’s light rail rapid transit line, and an existing mix of government, health care and professional service tenants as solid fundamentals for unlocking future returns.

“This transaction represents Marlin Spring’s first office acquisition in the Ottawa region as it continues to pursue value-add opportunities in the North American real estate industry,” says Ashi Mathur, the company’s president. “We are very pleased to add this important acquisition to our growing portfolio of income-producing assets.”

Toronto-based Marlin Springs has a track record in residential development and asset management in Canada and the United States, and has acquired more than 30 projects encompassing 9,000 units of housing since 2013. Colonnade BridgePort, which is based in Ottawa, will serve as the property manager for the joint venture.

“In working together through the acquisition, we quickly realized that Marlin Spring and Colonnade BridgePort are well aligned in their approach to managing high quality real estate and we look forward to growing our relationship together in the future,” observes Hugh Gorman, president and chief executive officer of Colonnade BridgePort.