Calgary-based technology company Absorb Software, provider of the Absorb Learning Management System (LMS) and the newly introduced Absorb Infuse, announced Thursday it is moving its corporate headquarters into 80,000 square feet in the newly-completed TELUS Sky 60-storey tower in the heart of Calgary.
The leasing transaction comes at a time when the city’s downtown office market continues to struggle with a vacancy rate of about 25 per cent.
“Calgary has been a great home for Absorb, and since our business has grown so rapidly in recent years, it was time for us to move into a location better suited to accommodate our current team and anticipated growth. We’re thrilled we can remain in the area while we continue to expand and deliver the industry-leading solutions to our customers,” said Absorb CEO, Mike Owens, in a news release.
“Moving to this unique and impressive tower—a transformative landmark for the city—will not only provide Absorb with the tech-focused amenities necessary to support the company’s ongoing expansion, but help us attract and retain the best talent.”
The skyscraper has 440,000 square feet of office space, which is 60 per cent leased and main anchor tenant is TELUS, along with 10,000 square feet of retail space and 326 residential units.
Dan Harmsen, vice-president, associate broker, principal, of Barclay Street Real Estate Ltd., represented Absorb in the transaction. Dan Lannon and Todd Sutcliffe of Colliers International represented the landlords.
Absorb will occupy five levels of open-concept workspace with balconies on floors 20 and 22-25 and have access to the wellness centre and health-food concepts in the building.
Absorb Software is a learning technology company based in Calgary with global offices in London, Dublin, Shanghai, Sydney, Boston, Tampa and Salt Lake City. Absorb offers both Absorb Infuse, the first true in-the-flow learning experience, and its flagship product, Absorb LMS, an industry-leading and award-winning Learning Management System for businesses, higher education, government and non-profit agencies around the world.
The Calgary downtown office market has struggled for a number of years since the economic downturn began with the collapse of oil prices in late 2014. Thousands of jobs were lost because of that and the city went into recession years in 2015 and 2016. During that time, many corporate offices downsized, pushing vacancy rates to historic highs and they remain elevated to this day.
Mario Toneguzzi is a business reporter in Calgary.
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