TransLink's corporate headquarters are moving from Metrotown to New Westminster's Brewery District.
The Transit Police will also be sharing the space in a move that will save the company more than $430,000 over current costs, according to TransLink spokesperson Ken Hardie.
TransLink has been looking for a new spot for the past two years, as the company's lease at Metrotower 1 is due to expire in January 2013.
"There was an urgent need to relocate the Transit Police," Hardie said, adding that the policing facilities are in two separate buildings. "We looked at the efficiencies of co-locating."
TransLink looked at about 17 locations, taking into account how close each was to a SkyTrain station, and other aspects such as resident and employment density in each area.
Metrotown was a good location based on these specifications, but so was Sapperton, Hardie said.
The timing worked well, as it is currently a tenants' rental market for office space on both cities, he added.
Mayor Derek Corrigan said he understood TransLink's move was a financially driven decision.
"I understand there's a savings for them," he said, adding he hopes the costs of moving and setting up elsewhere were factored into the decision.
"If that's true, there is a business case for them to make the move," Corrigan added. "Hopefully it benefits all taxpayers in the Lower Mainland."
But he said the city is sorry to see the company go.
"Any business leaving the city is unfortunate," Corrigan said. "We were very proud to be a home to TransLink. It is always too bad when businesses move."
Corrigan said Burnaby has been fortunate not to be hit harder by the recession, and downsizing of businesses in the community.
"We're very successful in attracting business," he said. "I think there'll be someone who'll fill the space."
It is unfortunate timing, losing such a large tenant from Metrotower 1 while the developer is trying to pre-lease space in Metrotower 3.
"When any of the towers lose a tenant, it's unfortunate for them," he said.
Construction on the third office tower at the Metrotown complex has stalled as development and management company Ivanhoe Cambridge works to secure pre-leasing agreements.
The Metrotower office complex is connected to Metropolis at Metrotown.
Burnaby is one of two submarkets with high office vacancy rates. Burnaby's is currently at 13.2 per cent. Last year the vacancy rate was 7.5 per cent, according to the midyear report in July 2009, compared with 5.4 per cent in July 2008.
Richmond leads the region with a current vacancy rate of 22 per cent.
TransLink is relocating to a development being built by the Wesgroup Properties in New Westminster's Sapperton neighbourhood in early 2013.
A building under construction on East Columbia Street is set to house Thrifty Foods and TD Canada Trust. TransLink will be located nearby. The building for the new headquarters is not yet under construction.
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