TORONTO, May 28, 2026 (GLOBE NEWSWIRE) — Crown Realty Partners (“Crown”) and Brasswater Inc. (“Brasswater”) have finalized the sale of a three-building office portfolio totaling 290,000 square feet at 1525, 1545, and 1565 Carling Avenue in Ottawa, Ontario. This transaction marks Brasswater’s debut in the Ottawa market and underscores its strategy of acquiring high-quality real estate assets.
Strategic Acquisition
The portfolio is strategically located along the Carling Avenue corridor, positioning it to benefit from Ottawa’s stable economic fundamentals and sustained demand for office space. Brasswater’s entry into the market reflects confidence in the region’s long-term growth prospects.
Value-Add Improvements Under Crown
During Crown’s ownership, the portfolio underwent a comprehensive repositioning through a disciplined value-add approach. Since 2019, over $2.3 million was invested in capital improvements, including upgraded common areas, enhanced tenant amenities, and the introduction of tenant engagement and wellness programs. These efforts drove occupancy from 75% to 85% and increased annual net operating income (NOI) by 65%, despite a challenging leasing environment.
“We are excited to acquire a premier urban asset that aligns with our long-term investment strategy,” said Ian Quint, Founder and President of Brasswater. “The property benefits from strong fundamentals, an exceptional location, and a robust tenancy profile. Retaining Crown as property manager allows us to leverage their deep market expertise and longstanding relationships as we grow our presence in Ottawa.”
Continued Management by Crown
Crown will continue to provide property management and collaborate with Brasswater on leasing, ensuring operational continuity for tenants and supporting the next phase of ownership. Scott Watson, Managing Partner of Crown Realty Partners, stated, “This transaction reflects the strength of Crown’s integrated platform and our hands-on approach. Through targeted capital investment, active leasing, and a focus on tenant experience, we enhanced the portfolio’s quality and performance. We look forward to working with Brasswater.”
Emily Hanna, Managing Partner at Crown, added, “This sale exemplifies the liquidity our value-add strategy can generate, even in constrained capital markets. By focusing on well-located assets and driving performance through leasing, operations, and reinvestment, we continue to deliver market-beating returns for our investors.”
Marcus & Millichap’s IPA division, in collaboration with Avison Young, represented the vendor in the transaction. For further information, contact Emily Hanna, PhD, Managing Partner at Crown Realty Partners, at 647.729.2609 or ehanna@crp-cpmi.com.
