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OPUS and WAM to build Calgary office project on a speculative basis

OPUS Building Canada Inc.

Attention: Business Editors

For Immediate Release:

Calgary, May 12, 2006



OPUS BUILDING CANADA INC., and its joint-venture partner, WAM Development Group of Edmonton, today announced they will construct a first class office building on a portion of their Stampede Station lands located on the development block contained by the north and south bound routes of Macleod Trail and 15th and 13th Avenues south.

Construction will commence summer 2006, with completion of the Phase I - 162,930 sq. ft., nine storey office building scheduled for fall of 2008. Phase II is anticipated to commence construction in the fall of 2006, with completion in spring 2009. OPUS will act as general contractor and project manager of the development, with responsibility for leasing as well. When completed, Phase I and II of the northeast quadrant of the site will boast 463,000 square feet of office space, supported by 55,000 square feet of retail services and amenities on-site. A third phase contemplated on the site would take the entire development to approximately 770,000 sq. ft. of office space with street level retail.

Located in Calgary's Beltline district, Stampede Station will be a glass and masonry two tower development designed by Gibbs Gage Architects. Stampede Station boasts exceptional access to numerous amenities such as the Elbow River and pathway system, Talisman Centre and the expanded Stampede Park, currently under re-development.

Calgary is the regional economic hub for Western Canada and has the second highest concentration of head-offices in Canada. Calgary's downtown and beltline districts combined comprise of 35 million square feet of office space.

"The demand for office space in the Calgary market continues to be high and will be for the foreseeable future. When you couple the demand with the strong Calgary and Alberta economies, we are confident the building will be fully leased prior to completion. Given that new developments currently under construction in the downtown and beltline areas are already fully leased, and a number of contemplated projects will not be available for occupancy until 2009/2010, the timing of the project will spell relief for tenants caught by a shortage of supply and available alternatives between now and completion of Stampede Station in 2008. With rental rates rising across the market, and rising most sharply in the downtown core, Stampede Station becomes very attractive to tenants with respect to timing, availability of parking, ease of access & egress, amenities and economic rents."

Brad Krizan
Director of Leasing for OPUS Building Canada Inc.

The project will appeal to a broad range of tenants and it is anticipated the development will be leased by financial, oil and gas, business services, engineering and high-tech companies.







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