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CAMDEV LEASES PINECREST BUILDING

 TORONTO, March 29 /PRNewswire/ -- Camdev Corporation and its wholly owned subsidiary, Camdev Properties Inc. today announced that they have leased the majority of the space in their Pinecrest Office Building in Ottawa. The lease is the result of an award to Camdev of a recent public tender by Public Works Canada. The tender has been approved by Treasury Board.
 Under the agreement, the Department of National Defense will occupy 65,280 sq. ft. of office space for the next five years, effective July 1, 1993. The agreement also allows for three one-year options to further extend the lease.
 Pinecrest is an 81,000 sq. ft. office building, situated in Ottawa's west end.
 "Given the current condition of the commercial real estate market in suburban Ottawa, we feel very encouraged to have secured this lease," said Stanley Hartt, chairman, president and CEO of Camdev Corporation. "Leasing the bulk of the Pinecrest property lowers the vacancy rate of Camdev's office portfolio in the National Capital Region to 1 percent."
 Camdev Corporation is a Canadian, publicly held owner and manager of commercial real estate properties, which include more than 3.1 million square feet of commercial and retail space, of which approximately 2.3 million square feet is located in the National Capital Region. The Corporation's common shares are listed on the Toronto and Montreal stock exchanges (Symbol: CVO).
 -0- 3/29/93
 /CONTACT: Monika Quinn for Camdev Corporation, 416-365-2508/
 (CVO.)


CO: Camdev Corporation ST: Ontario IN: FIN SU:

LR -- NY043 -- 0439 03/29/93 10:53 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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