NB Power sells 2 Fredericton properties to Toronto firm

NB Power has sold two of its downtown Fredericton buildings, one of which is a legacy property, for $39 million in hopes of paying down debt and reducing operating costs.

The utility, which announced this week that it was facing a loss of more than $32 million in revenue, 527 King St. and 515 King St. sold the property at Forum Asset Management in Toronto.

The sale will move all of NB Power's offices from the company's former headquarters at 527 King St., off Carlton Street. indicates that he will move to the address, now he rents out the land.

“The sale allows us to make progress toward paying down debt, reducing operating costs and improving energy efficiency in the building,” NB Power spokesman Dominique Couture said in an emailed statement.

Engineer John Feeney designed the headquarters for the New Brunswick Electricity Commission. According to the province, the building now has heritage value. (Edwin Hunter/CBC News)

515 King St. The property will be renovated to improve energy efficiency.

“Consolidating NB Power's office space into one building and attracting a national construction operator represents a transformational approach to how we do business and puts into practice our strategic plan to leverage partnerships to improve operational performance,” Couture said.

He said last year, a national real estate brokerage organization issued a public request for proposals, which resulted in several submissions across the country.

NB Power's current headquarters at 515 King St. will no longer serve the utility, which will move its operations to the 1949 building on a lease basis. (Edwin Hunter/CBC News)

The building at 527 King was completed in 1949. Designed by engineer John Feeney, the building is considered to have heritage value because of the craftsmanship required to build it at the time, according to the Parks Canada Historic Places website.

Feeney's career began in 1910 when he became a city engineer in Fredericton. He later worked for the Dominion Engineering Department before joining the New Brunswick Electricity Commission.

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At the time, the utility was headquartered in St. John's, and Feeney was given the job of designing a new headquarters in Fredericton, which turned out to be 527 King St.

According to HistoricPlaces.com, the four-story brick and stone building displays “a fusion of contemporary classical and artistically modern elements.”

According to HistoricPlaces.com, the four-story building at 527 King displays “a fusion of contemporary classical and art nouveau elements.” (Edwin Hunter/CBC News)

The defining elements of these architectural styles include the building's balanced front facade and projecting gable, central windows separated by recessed pilasters, curved entrance walls and a simple cornice on the first floor, according to the website.

At the top of the building is the New Brunswick Electricity Commission, the name of the utility at the time.

Fredericton firm MacPherson and Myles built the structure based on Feeney's design. In 1951, he became the chief engineer of the utility company.

The building was recognized as a historic building by the province in 2009.