Briefing

Place Ville Marie becomes Montreal’s first billion-dollar skyscraper

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The iconic downtown tower is the first office property in the city to be evaluated at over a billion dollars—a reflection both of the city’s robust real estate market and of Quebec’s booming economy. (Montreal Gazette)

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Talking point: Place Ville Marie was built in 1962, a time of giddy optimism in Montreal. Much like the city itself, for decades, “PVM” suffered from Quebec’s political climate and resulting economic hardship. Now, it is a symbol of the province’s resurgence. The building, owned by Ivanhoé Cambridge, a subsidiary of the province’s public pension manager, has increased about 53 per cent in value since 2011. Much of the surrounding downtown core has ridden a similar wave of low vacancy rates and higher rents. Place Ville Marie breaks the billion-dollar barrier as the provincial government released a mini-budget Thursday which showed the province’s coffers were brimming with $824 million in surpluses from the first three months of the fiscal year alone.

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Talking point: Place Ville Marie was built in 1962, a time of giddy optimism in Montreal. Much like the city itself, for decades, “PVM” suffered from Quebec’s political climate and resulting economic hardship. Now, it is a symbol of the province’s resurgence. The building, owned by Ivanhoé Cambridge, a subsidiary of the province’s public pension manager, has increased about 53 per cent in value since 2011. Much of the surrounding downtown core has ridden a similar wave of low vacancy rates and higher rents. Place Ville Marie breaks the billion-dollar barrier as the provincial government released a mini-budget Thursday which showed the province’s coffers were brimming with $824 million in surpluses from the first three months of the fiscal year alone.