Gwen-Ann Chittenden of the B.C. Investment Management Corporation says it will be redeveloped as a large-scale mixed-use site, but it's too early to say what the final project will look like.
She says aspects of the 1958 modernist building will be considered as part of the extensive planning process and that the City of Vancouver will be consulted before plans are developed.
Chittenden wouldn't say when negotiations for the purchase started or how much the company paid for the site.
The building that was once touted as the future home of the Vancouver Art Gallery is prime real estate close to other high-profile venues such as Rogers Arena and BC Place.
Canada Post announced two years ago that it would close its downtown mail sorting facility and move operations to a site near Vancouver's airport.
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