Manulife Financial Corp. (MFC.TO) announced that it has signed an agreement to purchase the new headquarters building of Export Development Canada or EDC in downtown Ottawa from a joint venture of Broccolini Construction Inc. and the Canderel Group of Companies. The transaction is scheduled to close at the end of 2011, following completion of the 18-storey, 479,000 square foot building which is being developed by the Broccolini / Canderel partnership.
Construction of the building began in May 2009 when EDC, a Canadian crown corporation, selected the Broccolini / Canderel site for its new headquarters following a rigorous and competitive bidding process. EDC, which is consolidating its operations from two neighbouring buildings, will occupy 100 per cent of the building's office space under a long-term lease which will extend to 2031.
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