In 2008, the company announced plans to move into 90,000 square feet of a building at 800 Yates Street then under construction by the Jawl Group. B.C. Ferries sold its long time head office building, 53,000 sq.ft. at 1112 Fort Street, to the Jawl Group. By sheer good fortune, the new owners quickly found another tenant: Elections BC.
According to Note 12 on the BCF 2011 Audited Financials, the lease of new offices in downtown Victoria is for fifteen years, with four renewal options of five years each. The lease agreement includes payment of building operating costs and property taxes but other terms are undisclosed.
In addition to signing a long term lease before completion, BC Ferries lent $24.2 million to Jawl Group, developers of the $100 million property. The loan is for fifteen years, secured by a second mortgage of the property.
What does BC Ferries get out of this? Certainly, it gets substantially more luxurious executive offices, almost twice the size of those in the old building. They also earn enduring gratitude of the influential Jawl family, people who style themselves as the largest private owners of premium offices and industrial space in the capital. Their properties include Cordova Bay Golf Course, Mattick’s Farm, Sayward Hill and Selkirk Waterfront. They are, of course, substantial contributors to the BC Liberal Party.
Categories: BC Ferries