Usually I am not a fan of grey - not at all. But this is a rare exception for me. As said above, the massing is just right, and the grey almost acts as a neutral toned picture frame that perfectly emphasizes the heritage building.
I don't want to jump on the anti-grey bandwagon, because this is a nice project, but it would have been nice if those horizontal grey bands were a terra cotta color, or brown to tie into the heritage building brick color. Or, perhaps they want to feature the heritage building by not having any color similarity (?)
Speaking of Freed's track record, I believe there is new lawsuit filed against Freed from the owners of 550 Wellington\Thompson to address the deficiencies that have not been fixed nearly 4 years after occupancy. I would be wary of any promises made by Freed.