tstormers
Senior Member
From Sunday.
Toronto The Well | 174.03m | 46s | RioCan | Hariri Pontarini
- Thread starter yyzer
- Start date
AHK
Senior Member
June 15, 2022 - Leasing status update for The Well - Office area 98% Leased:
ALLIED AND RIOCAN ANNOUNCE 98% LEASE-UP OF OFFICE SPACE AT THE WELL Toronto, June 15, 2022
Allied Properties Real Estate Investment Trust (“Allied”)(TSX:AP.UN) and RioCan Real Estate Investment Trust (“RioCan”)(TSX:REI.UN) today announced that the office component of The Well is now 98% leased to 15 knowledge-based organizations. A leading technology organization has agreed to lease 89,964 square feet of GLA for a term of 12 years commencing November 1, 2023, leaving 29,886 square feet of GLA comprising a single floor to be leased. The organization selected The Well with a view to attracting, motivating and retaining the talent necessary to propel its successful and growing technology business.
“This is an important milestone in completing the premiere mixed-use urban development in Toronto,” said Michael Emory, Allied’s President and CEO. “The Well has become a large-scale success for all concerned, one that’s reshaping Toronto’s Downtown Core and propelling the King & Spadina neighbourhood to even greater ascendency.”
Allied and RioCan also announced that the retail component of The Well is now 66% leased to 41 retail users. As construction nears completion, the retail leasing effort is accelerating in a manner fully consistent with the urban merchandising plan envisaged by Allied and RioCan. The retail component of The Well is scheduled for grand opening in mid-2023.
Each of Allied and RioCan owns an undivided 50% interest in the commercial component of The Well. The commercial component is comprised of the following:
(i) 1,168,000 square feet of office GLA;
(ii) 320,000 square feet of retail GLA;
(iii) 677 underground commercial parking spaces;
(iv) significant third-party digital signage on the northwest corner of Front & Spadina; and
(v) the energy-storage facility necessary to extend Enwave’s heating and cooling network to Toronto’s Downtown West.
The office component of The Well is registered under the LEED® green building rating system and is targeting a LEED® Platinum certification. It will include best-in-class operational, environmental, life-safety and health and wellness systems.
About Allied: Allied is a leading operator of distinctive urban workspace in Canada’s major cities and network-dense UDC space in Toronto. Allied’s mission is to provide knowledge-based organizations with workspace and UDC space 2 that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied’s vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.
About RioCan: RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2022, our portfolio is comprised of 204 properties with an aggregate net leasable area of approximately 36.2 million square feet (at RioCan's interest) including office, residential rental and 13 development properties. To learn more, please visit www.riocan.com.
ALLIED AND RIOCAN ANNOUNCE 98% LEASE-UP OF OFFICE SPACE AT THE WELL Toronto, June 15, 2022
Allied Properties Real Estate Investment Trust (“Allied”)(TSX:AP.UN) and RioCan Real Estate Investment Trust (“RioCan”)(TSX:REI.UN) today announced that the office component of The Well is now 98% leased to 15 knowledge-based organizations. A leading technology organization has agreed to lease 89,964 square feet of GLA for a term of 12 years commencing November 1, 2023, leaving 29,886 square feet of GLA comprising a single floor to be leased. The organization selected The Well with a view to attracting, motivating and retaining the talent necessary to propel its successful and growing technology business.
“This is an important milestone in completing the premiere mixed-use urban development in Toronto,” said Michael Emory, Allied’s President and CEO. “The Well has become a large-scale success for all concerned, one that’s reshaping Toronto’s Downtown Core and propelling the King & Spadina neighbourhood to even greater ascendency.”
Allied and RioCan also announced that the retail component of The Well is now 66% leased to 41 retail users. As construction nears completion, the retail leasing effort is accelerating in a manner fully consistent with the urban merchandising plan envisaged by Allied and RioCan. The retail component of The Well is scheduled for grand opening in mid-2023.
Each of Allied and RioCan owns an undivided 50% interest in the commercial component of The Well. The commercial component is comprised of the following:
(i) 1,168,000 square feet of office GLA;
(ii) 320,000 square feet of retail GLA;
(iii) 677 underground commercial parking spaces;
(iv) significant third-party digital signage on the northwest corner of Front & Spadina; and
(v) the energy-storage facility necessary to extend Enwave’s heating and cooling network to Toronto’s Downtown West.
The office component of The Well is registered under the LEED® green building rating system and is targeting a LEED® Platinum certification. It will include best-in-class operational, environmental, life-safety and health and wellness systems.
About Allied: Allied is a leading operator of distinctive urban workspace in Canada’s major cities and network-dense UDC space in Toronto. Allied’s mission is to provide knowledge-based organizations with workspace and UDC space 2 that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied’s vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.
About RioCan: RioCan is one of Canada’s largest real estate investment trusts. RioCan owns, manages and develops retail-focused, increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. As at March 31, 2022, our portfolio is comprised of 204 properties with an aggregate net leasable area of approximately 36.2 million square feet (at RioCan's interest) including office, residential rental and 13 development properties. To learn more, please visit www.riocan.com.
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Superstar
Gotta love corporate solidarity-speak, especially when you're down like $10 bucks in the last 6mo alone...
Good that it's almost all leased though.
Good that it's almost all leased though.
tstormers
Senior Member
From this mornings commute.
Northern Light
Superstar
Thanks for pointing that out; LOL
Allied is not currently in my portfolio, but I'm going to take a closer look at that, a P/E of 8 is just excellent if all other things are equal. Just need to a take a closer look at their books.
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Superstar
Great time to go spend $794m on a bunch of random Class B too...
Northern Light
Superstar
I confess, I thought it was an odd fit for them. I need to hear more on the strategy behind that.
Khaloody
Active Member
They are actually doing just fine and a lot better than others. You can see that 20% decline is from April 2022. The whole market whether stocks or crypto has been going down by 15-25% since. Lets hope it doesnt result in a recession.
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Superstar
Tell yourself whatever you need to, friend.
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Superstar
hbf92
New Member
Are there any plans for a Clarence Square / Victoria Square revitalization in the works? Surely there's enough S37 funds kicking around...
jta5
Active Member
vatche
Senior Member
Toronto is building a lot of condos but not enough greenery. We need more green space and trees Toronto. Come on.
UrbanAffair
Senior Member
Agreed, although the drone photos must be from prior to the leaves coming out on the trees in those shots.
Northern Light
Superstar
Just had money dropped on it in the last few years; not aware of more coming.
* just checked, nothing in the capital budget for this park *
Yes, there will be money for something here.
*** putting aside any rumours of something bigger ***
There's 1.1M earmarked for next year (2023) for this park.