Stephen Avenue Place Enters Receivership

Stephen Avenue Place, one of downtown Calgary’s landmark office and retail towers, has been placed into receivership — a significant development for the city’s commercial real estate sector.

Located at 700 2nd Street SW, the 40-storey tower controlled by Slate Asset Management and financed through a syndicated mortgage led by Timbercreek Financial. Senior debt reportedly totals $139 million, against a City of Calgary assessed value of approximately $59.95 million. The Court of King’s Bench of Alberta granted the receivership order on October 15, 2025, appointing MNP Ltd. as Receiver.

These developments highlight ongoing restructuring challenges in Calgary’s downtown office market — where high-profile assets continue to face pressure from elevated debt loads and shifting post-pandemic occupancy trends.

Connect with Clearview:Significant events like this shape the trajectory of Calgary’s office leasing, investment, and redevelopment activity. To discuss how market adjustments are influencing tenant strategy and asset positioning, contact us at info@cvpartners.ca.

Source: Connect CRE, “Timbercreek places Calgary’s Stephen Avenue Place in receivership,” Oct. 2025.

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