Sitting in close proximity to Halifax’s universities and legal, government, and financial centers, Maritime Centre is ideally located to serve as a destination business and innovation hub. However, the building’s functionality did not capitalize on its potential; it was under parked, had outdated common areas, lacked modern amenities, and was not easily accessible to the public. Slate Office REIT saw an opportunity to enhance the Centre’s amenities and aesthetic through active asset management and capital investment to create Class A space that would appeal to a market of high-quality tenants.
A Look Inside Slate's Newly Renovated Maritime Centre in Halifax, Nova Scotia
In 2015, Slate Office REIT acquired the Maritime Centre – a 19-storey, roughly 547,000 square foot office property located in the heart of Halifax’s central business district – as part of a $430 million office portfolio acquisition from Fortis Properties Corporation, which included 14 buildings located in major markets across Atlantic Canada.
Today, the three-year redevelopment of the Maritime Centre is finally complete, resulting in a number of design improvements. Some key enhancements include:
- A refreshed building exterior with the addition of a new glass façade, allowing an abundance of natural light to enter the building. The unique colored glass also complements the stained glass of its neighbor, St. Matthew’s United Church, honoring the building’s historic place in the Halifax community.
- A revived entrance pavilion and common area lobbies that have transformed into a bright, inviting communal space with refreshed seating to ensure a comfortable and enjoyable visitor experience.
- An enhanced streetscape experience that improves sidewalk accessibility for tenants, visitors, and the surrounding community.
- 100 new parking stalls to improve the property’s parking ratio and meet the needs of the growing downtown Halifax area.
- 6,000 square feet of commercial space added to the existing structure, with plans to create a fully operating sit-down restaurant and rooftop patio.
Maritime Centre is part of the Atlantic region’s rapidly expanding tech and start-up hub. The building has some of the most exciting businesses, new ideas, job creation and innovations generated from within its walls daily. The redevelopment has increased the desirability of the property, making it a significantly improved stabilized asset. This has led to an increase in tenant retention and occupancy since acquisition, driven rental growth, and created meaningful total returns; a compelling example of the REIT’s ability to re-deploy capital into its existing assets to create value. This updated space will be a true destination for the innovation district and technology industry to work and connect in downtown Halifax.
We are excited to see this redevelopment play a key role in the downtown Halifax streetscape. For more information, visit: https://maritimecentre.ca/