A lease transaction completed almost 100% virtually for a 10,000-square-foot lease signed by Activate Games at the Canyon Meadows Centre was selected as the CoStar Impact Award's Lease of the Year in Calgary, Alberta, as judged by a panel of real estate professionals in the market.
The former two-story children's play centre was redesigned into a state-of-the-art active gaming facility, the first of its kind in Western Canada, and it overcame many hurdles to completion, including building a full-concrete mezzanine within 30 days, and Activate Games completing the fixturing of the new facility within 90 days.
The children's play centre concept needed to be updated. It required a change of use coming out of the pandemic as parents gravitated to more niche and curated experiences for their children.
The Calgary location offers interactive arcade-style games that allow participants to jump, climb and dodge as part of their experience. There are 11 interactive rooms with games that challenge agility, problem-solving, and speed. Progress and scores are tracked through an electronic wristband.
Canyon Meadows Centre could be a potential redevelopment option in the future, making navigating a demolition clause or relocation a key clause for all parties during the negotiation.
About the Project: The former layout of the space included a 5,000-square-foot concrete and steel mezzanine, complete with two three full-size concrete stairwell structures. The landlord brought the space back to shell condition in time for tenant fixturing within 30 days of signing the lease agreement with occupancy on August 22. The tenant fixturing was done in 90 days, allowing the venue to open in time for the Christmas season, always the targeted deadline.
What the Judges Said: The lease brings "to the market a new tenant. Diversification is key for the city's growth and adding new tenants to any market sends a good message of growth and vibrancy."
They Made It Happen: The landlord representatives were Andrew Sherbut and Myles Scheske of Barclay Street Real Estate. The tenant was represented by Kris Mutcher of Colliers, based in Winnipeg.
