H&R REIT has completed the sale of its 50 percent interest in a landmark Burnaby, B.C., office building to Crestpoint for $82.5 million.

The building is known as the Telus Boot for its big-name tenant and boot-like shape. The 671,000-square-foot asset is located at 3777-3791 Kingsway near the Burnaby-Vancouver boundary.

Crestpoint has agreed to assume a $25.1 million mortgage from H&R, the REIT announced previously.

The two Toronto-based organizations have proposed to redevelop the property on which the Boot sits into five multi-residential towers. Known as Central Park Commons, the redevelopment project is slated to include rental-apartment and condominium towers.

H&R’s sale of its stake in the Boot building is part of the REIT’s effort to divest all of its office assets.