Avigilon to pay $42 million for Telus building

Vancouver-based tech company expected to move employees into new global headquarters by 2016

Avigilon will pay Telus $42 million for this office tower on 555 Robson | Photo: Google Streetview

Vancouver-based Avigilon (TSX:AVO) is ready to pay Telus (TSX:T) $42 million for a Robson Street office tower.

The tech company specializing in high-def video surveillance systems has already put down a $2-million deposit on the building and expects to close the deal by October.

Avigilon CEO Alexander Fernandes said in a statement the new building would help support the company’s expanding workforce and serve as a “distinguished location” for its global headquarters.

The company is expected to begin moving its Vancouver-based employees from its office on Beatty Street, near B.C Place, into the new tower by 2016.

Avigilon had more than 450 staff worldwide and was ranked No. 7 on Business In Vancouver’s list of fastest-growing B.C. companies in 2014. According to BIV estimates, at least 300 workers were based in the province as of 2013.

The 135,000-square-foot building, located at the corner of Robson and Seymour streets, is nine-storeys high and sits adjacent to the $750-million Telus Garden development.

"We look forward to welcoming such an innovative B.C.-based company as our new neighbour on one of the most sustainable downtown blocks in North America," Andrea Goertz, Telus’ chief communications and sustainability officer, said in a statement.

"Selling this building as we move into our new national headquarters on the same block will free up significant cash we plan to invest back into broadband data infrastructure throughout the Lower Mainland, supporting our drive to offer Telus customers the best, most advanced technology and service."

When contacted by BIV, Avigilon spokeswoman Stephanie Von Zuben said the company could only confirm it had 556 employees.

“Unfortunately, that's all the information we can provide at this time,” she said when asked how many people are currently employed in Vancouver, whether the company would be moving all B.C. employees to the new office, whether the Beatty Street office would remain open, whether its research-and-development division would be relocating and whether the company had any estimates for hiring growth in the coming year.