Dream Office REIT and Pomerleau Capital partner on $70M Office-to-Residential Conversion in Calgary

Construction underway for 166 market and affordable housing units

CALGARY, AB, Oct. 24, 2025 /CNW/ – Dream Office REIT (TSX: D.UN) and Pomerleau Capital, the financial arm and investment fund manager of Pomerleau, are pleased to announce their partnership on a transformative $70 million office-to-residential conversion project located at 606 4 Street SW, in downtown Calgary. Construction is now underway, marking a major milestone in the redevelopment of the former Barclay Centre.

The project will convert approximately 135,000 square feet of underused office space into 166 new homes, including a mix of studios, one-bedroom, and two-bedroom suites. Significantly, 27% of the units will be designated as affordable housing, directly supporting Calgary’s housing needs and aligning with municipal policies promoting adaptive reuse and urban densification.

The first units are expected to be completed in 2027, contributing to the livability and affordability of Calgary’s downtown core.

A strong start to a strategic partnership

This initiative represents the first collaboration between Dream and Pomerleau Capital, reinforcing both organizations’ commitment to sustainable urban development. This project is also Pomerleau Capital’s first investment in an office-to-residential conversion, a concrete demonstration of its strategic investment approach in real assets that generate long-term community impact.

The construction is being led by ITC Construction Group, one of the largest residential construction companies in Western Canada and a wholly owned subsidiary of Pomerleau. This partnership highlights Pomerleau’s strong internal synergy and integrated delivery capabilities.

Quotes

“Through our collaboration with Pomerleau Capital, this project showcases how innovation in design and development can redefine urban living. By thoughtfully adapting existing spaces, we’re creating distinctive homes that contribute to a more sustainable and connected downtown community.” said Jay Jiang, Chief Financial Officer of Dream Office REIT. 

“We all know that housing needs are significantly growing across Canada. This transformation of unused offices into market and affordable housing is precisely the type of project we’re eager to take part in, as it offers a practical solution to the housing challenges. We are proud to be part of a partnership that delivers real solutions for communities, and we look forward to future collaborations with Dream,” said Philippe Adam, President and CEO of Pomerleau.

About Dream Office REIT

Dream Office REIT is an unincorporated, open-ended real estate investment trust. Dream Office REIT is a premier office landlord in downtown Toronto with over 4.0 million square feet owned and managed. We have carefully curated an investment portfolio of high-quality assets in irreplaceable locations in one of the finest office markets in the world. For more information, please visit our website at www.dreamofficereit.ca. 

About Pomerleau Capital

Pomerleau Capital is Pomerleau’s financial arm specializing in the investment and financing of infrastructure, energy transition and building projects. The Pomerleau Capital team is dedicated to the development of investment opportunities, project financing and asset management. To date, Pomerleau Capital has structured over $5 billion in financing for large scale, complex infrastructure projects. Pomerleau Capital manages an institutionally-backed investment fund with a focus on projects contributing to the development of healthy, sustainable communities. For more information on Pomerleau Capital, visit https://pomerleau.ca/en/pomerleau-capital.

About Pomerleau

Pomerleau is one of Canada’s largest construction companies, with approximately $6 billion in revenues. It delivers buildings, civil engineering works, and major infrastructure projects using collaborative models. With its research and development lab, Pomerleau integrates innovation in a vast majority of its projects and works in a sustainable way to build the living environments of tomorrow. Its subsidiary Borea executes close to 50% of the country’s renewable construction projects, and its subsidiary ITC Construction Group is one of the largest residential construction companies in the West. Its investment arm, Pomerleau Capital, specializes in private infrastructure investment and financing. Founded almost 60 years ago, Pomerleau has over 5,000 employees and workers at over 200 sites from coast to coast. The company has been named among Canada’s Top 100 Employers since 2020.

SOURCE Pomerleau Inc.