Toronto MaRS Centre Phase 2 | 112.77m | 20s | Alexandria | B+H

TOareaFan said:
Even if need exists.....not buying this real estate does not make the real estate disappear. The original loan made by i/o ensured the delivery of this building on a spec basis....that was risky but if it was "we need this kind of space" that decision delivered it. Increasing the public exposure to this building at the expense of letting the equity guy walk with $65 million is the really really poor decision. What do you think would have happened to the building/space if the government had not re-upped and increased their exposure from $224mil to $309mil? It would disappear somehow?
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Well, what I wanted to know is how much the equity guy put in and whether they get anything out of it, and what the original terms of the agreement with that company is.

AoD
 
AlvinofDiaspar said:
Well, what I wanted to know is how much the equity guy put in and whether they get anything out of it, and what the original terms of the agreement with that company is.

AoD
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That is stuff they refuse to release....as someone who has been making commercial real estate loans for the better part of 30 years now...I would add to your list "why they got any money out before the debt was repaid and the building stabilized"? In our world equity is FILO and debt is LIFO.
 
TOareaFan said:
Now, through the Princess Margaret announcement we find out that the success of phase I was leasing 10 of 13 floors to Sick Kids! So the entire leasing success of phase I was a big local hospital took over 75% of the space and we were able to lease the other 25% so we thought it was a good idea to go ahead with a 300k expansion without any pre-leasing in place!
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I worked at a SickKids lab at MaRS. SickKids had the top 5 floors. Definitely not 75% of the building. They moved in two phases, first in to the top 3 floors (13-15), then floors 11-12.
 
PL1 said:
I worked at a SickKids lab at MaRS. SickKids had the top 5 floors. Definitely not 75% of the building. They moved in two phases, first in to the top 3 floors (13-15), then floors 11-12.
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ok was just taking it from a release by Princess Margaret saying they were taking 10 floors made available by Sick Kids moving out.
 
a bit old to bumb however something interesting I learnt today that some of the big banks will rent out space in Mars, throw a bunch of developers in, lock them in and throw away the key in an attempt to be the first to launch on whatever new device is released. So they are finding creative ways to rent out remaining space.
 
The ground level retail part is still empty. That's ridiculous I wonder what could possibly go there? Grocery? Pharmacy? Staples?
 
well we had some critics here right after the finish of mars.. lot of empty space.. and told them and tell all now give it time.. all will be good and full house.. but if mars smart they should hold some space for them as expending labs and more..
 
The article says Facebook will lease only half a floor. I can see the building from my apartment and most of it remains empty. As a business person though, I can understand that when politicians scream "boondoggle! boondoggle!" instead of promoting the building (as they should be doing in the interest of the province), companies might wish to locate elsewhere.
 
am29 said:
The ground level retail part is still empty. That's ridiculous I wonder what could possibly go there? Grocery? Pharmacy? Staples?
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The ground floor units have been in active negotiations for literally 5+ years, but because of the financial issues the landlord hasn't signed off on them. There are multiple tenants going in there, and things should finally move forward soon.
 
landlord doesn't know how to deal or make a buss..they want lower price..
by the time LL decides he keep on loosing money..
 
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