Avigilon (TSX:AVO) has completed its $42-million purchase of an older Telus building as it prepares to move headquarters in downtown Vancouver.
The video surveillance analytics company announced in February it put down a $2-million deposit on the former Telus headquarters at 555 Robson Street, with plans to close the deal by last month.
But Avigilon CEO Alexander Fernandes told Business in Vancouver in mid-November Telus still needed time to move out of the old building and complete upgrades before Avigilon moved in.
Fernandes said his company had already fully financed the deal and was on track to move in by early 2016.
Avigilon leases its current headquarters at 858 Beatty Street but Fernandes said his company would be able to finance the new acquisition at a lower financing cost than the rent it’s paying right now.
The CEO said floor space at the newly acquired building is more than double what the company has at its current headquarters.
Avigilon is one of Canada’s fastest growing companies, according to Deloitte’s Technology Fast 50 rankings, and its global workforce sits at more than 1,000 employees.
While Avigilon is taking over property once owned by Telus, the telecom giant opened its new $750-million headquarters on Georgia Street in September.
