TORONTO, Dec. 18 /PRNewswire/ - Morguard Investments Limited announced
that it has acquired a prime downtown Ottawa Class A office portfolio on
behalf of a major Canadian pension plan and the Morguard REIT at a purchase
price of $210,000,000. The portfolio closed on December 15th and consists
of three buildings of 603,000 square feet, plus an adjacent 30,000 square
foot development site to support an additional 350,000 square foot office
tower. The buildings are 99% leased, 79% of which are government tenants on
long-term leases.
    The portfolio located in Ottawa's CBD and Parliamentary District
includes: 155 Queen Street (Heritage Place), 280 Slater (Standard Life 1),
333 Laurier (Standard Life II) and the development site on Bank Street.
    "The acquisition of these high quality core assets will not only
generate superior returns for our clients but will provide future upside to
them through development in a constrained downtown office market. It also
solidifies Morguard as the largest private landlord in Ottawa with 5.7
Million square feet under management," said Steve Taylor, Morguard's
President and COO.
    Morguard Investments is one of Canada's largest integrated real estate
advisors with a diversified portfolio of assets under management of more
than $6.0 Billion. It offers a full range of real estate portfolio, asset,
and property management services across all asset classes: office, retail,
industrial, and residential. Morguard's operations are nation-wide with
offices in all the country's major markets.

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