The largest owner of office space in Waterloo Region is selling off 15 of its buildings.
BlackBerry announced Thursday that it is looking to sell three million square feet of office space across Ontario – more than 80 per cent of that in Waterloo Region.
Included in the properties for sale are nine buildings at its University campus in Waterloo, four buildings at Waterloo’s Northfield campus and two warehouses in Cambridge.
Michael Polzl, a broker with Cushman & Wakefield Waterloo Region specializing in commercial real estate, believes it’s the biggest single commercial real estate sale in the region’s history.
“This hasn’t happened before, in terms of having all the real estate come to the market at once,” he tells CTV News.
Despite that, he says he expects a number of potential buyers to show interest in the sites – including other tech companies, insurance and consulting groups, and even investors hoping to turn the sites into student housing.
“This isn’t a doom and gloom scenario,” he says.
In some cases, BlackBerry plans to lease back buildings it is currently occupying.
BlackBerry CEO John Chen has said the company will remain headquartered in Waterloo.
In a statement, Waterloo Mayor Brenda Halloran called the sale consistent with the approach of companies around the world.
“With their plans to lease back much of their space in Waterloo, they will continue to have a strong presence within our community,” she said.
In December, BlackBerry sold five buildings to the University of Waterloo for $41 million – two of which it plans to continue occupying as late as 2019.
