Discovery Parks is very pleased to report the sale of the Discovery Parks Vancouver Building at 887 Great Northern Way to Dundee REIT at the beginning of April.
Although Discovery no longer owns the building, Discovery will continue to operate from the location and has entered into a long-term lease back agreement which covers approximately 20,000 square feet of the main floor. The lease back area includes the Generator and the Discovery Parks Commercialization Centre which Discovery will continue to operate.
The sale of the building has enabled Discovery to free up capital to move onto future projects that ultimately support its Mission: to empower its clients. Discovery Parks clients are tenant companies that create and use technology to accelerate their growth, and enterprises that provide support services and infrastructure to our tenants.
One of the next projects for Discovery is the development of its property at 1980 Foley Street. The design of the next building is complete and Discovery is seeking an anchor tenant or tenants to move that project forward. Discovery is working with WAM Investment Group Ltd. and Dundee Properties Limited Partnership on this project.
Discovery Parks uses the profits from real estate development to fund its Mission-driven activities such as the Generator (free office space and mentoring from Centre4Growth awarded to start-up tech companies for up to 12 months), the Commercialization Centre, NextGen and Technology Place (office and lab space leased with flexible terms often not available to young companies), and funding of Discovery Foundation’s Technology Education Program (TEP engages agents to run programs that educate technology entrepreneurs about business and how to grow their companies).