TORONTO, Oct. 12, 2021 (GLOBE NEWSWIRE) — 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.
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.
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.
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
Tom Burns, Executive Vice President & COO
Cecilia Williams, Executive Vice President & CFO