Allied and RioCan Provide Office Leasing Update for The Well

Executive Summary

• Allied Properties and RioCan announced a new lease of 124,235 sq ft at The Well (460 Front St. West) through May 31 2037, including exclusive rooftop signage rights.
• The additional leasing reduces sub‑available office space at The Well to roughly 10%, supporting the continued transformation of King West Village into a major downtown Toronto office hub.
• Allied now occupies over 2.3 million sq ft in King West Village across Modern, Heritage, Flex, and retail categories, underscoring its dominant presence in the area.

Key Details

• Lease Terms:
• Tenant: Unnamed Canadian company (identified as “a Canadian company”).
• Space leased: 124,235 sq ft on floors 3‑6 of 460 Front St. West (The Well).
• Lease expiry: May 31 2037.

• Rights: Exclusive rooftop signage facing south on the building.

• Impact on Availability:

• Office space available for sublease at The Well falls to ~10% following this and other recent leasing activity.

• Allied’s Portfolio in King West Village (post‑lease):

• Total office space owned: >2,300,000 sq ft.
  • Allied Modern: 1,471,555 sq ft.
  • Allied Heritage: 594,254 sq ft.
  • Allied Flex: 248,916 sq ft.

• Retail space owned: 323,027 sq ft of storefront retail plus share of The Well retail area.

• Strategic Context:

• Accelerated lease‑up at nearby Portland Commons and the new tenancy are expected to bring thousands of knowledge workers to King West Village, reinforcing its evolution into a core office node in downtown Toronto.

Notable Quotes

(No direct quotes were provided in the release.)