Bruce Constantineau
Sun
This artist’s rendering shows the Cross Roads project at Broadway and Cambie, slated for completion in 2008.
Yoga wear retailer Lululemon Athletica will occupy all 80,000 square feet of a new Vancouver office building near Broadway and Cambie — creating an expanded global headquarters when the structure opens in late 2008.
The successful Vancouver-based chain joins Whole Foods (55,000 square feet) and London Drugs (37,000 square feet) as major tenants in the mixed-used Cross Roads development that will also contain 88 condominiums.
Lululemon community relations manager Sara Gardiner said the expansion-minded retailer needs more space as its operations are currently spread among various Vancouver-area facilities.
“The company is growing very quickly and we simply need more space,” she said in an interview. “It will make things a lot easier by allowing us to consolidate a lot of operations under one roof. There are so many synergies that can be created by doing that.”
Gardiner said the first floor of the new office building will house a Lululemon store where employees can be trained. Other amenities will include an auditorium for presentations and training, a yoga studio, a fitness centre and possibly a daycare facility.
About 350 Lululemon employees are expected to work in the new building.
Gardiner said Lululemon founder Chip Wilson is committed to keeping the company in Vancouver and likes the location because it’s close to transit, such as the Canada Line which is now under construction, and close to the Olympic Village.
The yoga wear company founded by Wilson in 1998 sold a 48-per-cent interest in its operations last year to U.S.-based private equity firms Advent International Corp. and Highland Capital Partners for $108 million.
Lululemon has 29 stores across Canada, 10 in the U.S., two in Japan and one in Australia and the company plans to open its first New York City store next month. It generates more than $100 million in annual sales and employs more than 1,200 people.
Dan Turner, senior vice-president of Cross Roads project developer PCI Group, said it was important to get a high-profile tenant like Lululemon to take the office space.
“They’re a great tenant and a great Vancouver story,” he said. “They like the green theme of the building and they also like Whole Foods, which is a very organic company.”
GOING DOWN TO THE CROSS ROADS
The Cross Roads project near Broadway and Cambie won’t open until late 2008, but when it does it brings a lot to the area.
80,000 square feet of office space for Lululemon
140,000 square feet of retail space, including:
55,000 square feet for Whole Foods
37,000 square feet for London Drugs
88 condominiums
© The Vancouver Sun 2006
