DLA Piper Canada advised Deka Immobilien in purchase of top-tier properties in downtown Vancouver

DLA Piper Canada has advised Deka Immobilien Investment GmbH (“Deka”) in a landmark deal for the Canadian office market. In May of 2024, the investment fund and asset management arm of Germany’s DekaBank successfully purchased two Class AAA office towers located in downtown Vancouver from Oxford Properties Group and Canada Pension Plan Investment Board.

The two properties span almost an entire city block and are located in the heart of Vancouver’s financial and technology district.  With leasable area of approximately 415,000 sq. ft. notable tenants include Amazon Web Services, Aon Canada Inc., Unbounce Marketing Solutions, and Desjardins. Both buildings are LEED Gold and WELL certified.

“With the purchase of these core properties, we are continuing our counter-cyclical strategy. Last year, we used the global real estate cycles to sell properties in the United States and Japan at a profit for Deka-ImmobilienGlobal. With the acquisition in Vancouver, we are pleased to acquire two first-class properties in the North American real estate market during a period of reduced activity,” said Victor Stoltenburg, Managing Director of Deka Immobilien. DLA Piper Canada assisted Deka‎ in this transaction with a team led by Catherine Gibson and Michael Mjanes and including Robert Dallakyan, Taylor Lingl, Meghan Bellstedt, Kevin Wright, and Dana Hooker.