Allied Provides Office Leasing Update for Toronto Development Properties
October 12 2021 - 7:45AM
Allied Properties REIT (“Allied”)(TSX:AP.UN) today provided a
leasing update for two of its Toronto development properties, QRC
West, Phase II, and The Well. “This leasing activity reflects
continued demand on the part of a broad spectrum of knowledge-based
organizations for distinctive urban workspace in Toronto,” said
Michael Emory, Allied’s President and CEO. “The activity is also
entirely consistent with the leasing velocity that we’ve seen
accelerate across our portfolio since the third quarter of last
year.”
QRC West, Phase II
This development property effectively expands
QRC West to the southwest corner of Queen Street West and Peter
Street. Currently under construction and scheduled for completion
in 2023, the building will be comprised of 77,434 square feet of
office GLA and 15,700 square feet of retail GLA and will be fully
integrated with QRC West, Phase I, which Allied completed in 2015.
The building is registered under the LEED® green building rating
system and is targeting LEED® Gold certification.
Allied has leased the entire building, 93,134
square feet of GLA, to a leading American educational institution
for a term of 12 years. The user plans to animate the ground level
of the building in a way that will add vitality to Queen West in
particular and the Downtown West submarket generally.
The Well
This mixed-use development property is a 50/50
joint venture between Allied and RioCan REIT (“RioCan”) that
includes 1,172,001 of office GLA. At the end of the second quarter
of this year, the office GLA was 86% leased to nine knowledge-based
organizations. Allied and RioCan are now finalizing lease
transactions for an additional 122,809 square feet of office GLA
with four new users. If these lease transactions are successfully
completed, the office GLA at The Well will be 96.5% leased to 13
knowledge-based organizations.
About Allied
Allied is a leading owner, manager and developer
of (i) distinctive urban workspace in Canada’s major cities and
(ii) network-dense urban data centres in Toronto that form Canada’s
hub for global connectivity. Allied’s business is providing
knowledge-based organizations with distinctive urban environments
for creativity and connectivity.
Cautionary Statements
This press release may contain forward-looking
statements with respect to (i) Allied, (ii) its operations,
strategy, financial performance and condition and (iii) the
expected impact of the transactions contemplated in this press
release. These statements generally can be identified by use of
forward looking words such as “may”, “will”, “expect”, “estimate”,
“anticipate”, “intends”, “believe” or “continue” or the negative
thereof or similar variations. The actual results and performance
of Allied discussed herein could differ materially from those
expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations, including that the transactions
contemplated herein are completed and have the expected impact on
funding and earnings. Important factors that could cause actual
results to differ materially from expectations include, among other
things, general economic and market conditions, competition,
changes in government regulations and the factors described under
“Risk Factors” in Allied’s Annual Information Form, which is
available at www.sedar.com. These cautionary statements qualify all
forward-looking statements attributable to Allied and persons
acting on Allied’s behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and the parties have no obligation to update such
statements.
For more information, please
contact:
Michael Emory, President & CEO (416)
977-0643 memory@alliedreit.com
Tom Burns, Executive Vice President & COO
(416) 977-2574 tburns@alliedreit.com
Cecilia Williams, Executive Vice President &
CFO (416) 977-1063 cwilliams@alliedreit.com
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