The Insurance Corporation of British Columbia (ICBC), a Crown corporation, sold an office building it owned in Mississauga, Ontario in Q4 2025, The Realist has learned.
Located at 5995 Avebury Road, just south of the Ontario 401 Express and Hurontario Street, the office building was originally constructed in 1989, rises nine storeys, and is home to 145,448 sq. ft of Class A office space.
The property sits on a 6.9-acre corner parcel that includes 593 surface parking spaces.
The building, which has a metallic sheen, has been owned by the Insurance Corporation of British Columbia since at least 2017 and was sold in Q4 2025 for $22.45 million, which translates to $169 per sq. ft.
The purchaser was Crestpoint Real Estate Investments — which is part of the Connor, Clark & Lunn Financial Group — according to transaction data.
Reached for comment in late-January, an ICBC spokesperson declined to directly comment on the transaction, citing confidentiality, but said ICBC was not a tenant in the building and that the building was an investment property.
“ICBC maintains a diversified investment portfolio that helps offset claims costs, support stable auto insurance rates, and strengthen the corporation’s long-term financial sustainability,” the ICBC spokesperson told The Realist. “The portfolio is managed independently by the BC Investment Management Corporation (BCI), with real estate investments overseen by BCI’s real estate subsidiary, QuadReal.”
(JLL)
The sale was brokered by Matt Picken, Bryce Gibson, Michael Navo, Vienna Loo, Jared Cowley, and Erik Bishop of JLL.
The 5995 Avebury Road property was listed last year on an unpriced basis. According to the listing brochure, the building is 94% leased to nine tenants with a weighted average lease term (WALT) of 5.8 years.
Listed tenants included Finastra, Sharp Electronics, Adecco Employment Services and The Regional Municipality of Peel, and JLL said the average net rent for the building was $18.00 per sq. ft, which is approximately 14% below market rates, providing the new owner with meaningful rental upside in the future.
“Since its original construction, the Property has been institutionally managed, resulting in a hands-on maintenance and capital program, including over $1.6 million in capital spent over the past five years,” the listing brochure notes. “The Property has also achieved LEED Gold, Fitwel, WiredScore Gold, and BOMA BEST certifications, highlighting ownership’s commitment to ESG principles and an enhanced tenant experience. In addition, the current owner has undertaken recent investments to build out modern model suites, a conference room and a tenant lounge, which has boosted leasing activity and driven rent growth.”
JLL’s listing is no longer online, but here’s a copy of the brochure: