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Other

Allied Properties, RioCan talks lease for The Well

By The Northwire Desk — AI Analysis Nov 18, 2025 · 15:45 AP · 13.12 Allied Properties Real Estate Investment Trust
AP · Price

Executive Summary

  • Allied Properties and RioCan announced a significant new office lease for 124,235 square feet at The Well in Toronto, with a term expiring in May 2037.
  • The availability of office space for sublease at The Well has decreased to 10% following this and other recent leasing activity.
  • The transaction contributes to the transformation of King West Village into a core office node, bringing thousands of new knowledge workers to the area.

Key Details

  • Tenant/Counterparty: A Canadian company (specific name not disclosed).
  • Location: 460 Front St. W, The Well, Toronto.
  • Leased Area: 124,235 square feet.
  • Floors Leased: Third through sixth floors.
  • Lease Term: Expires May 31, 2037.
  • Additional Terms: The tenant is entitled to exclusive rooftop signage on 460 Front St. West facing south.
  • Market Impact: Office space available for sublease at The Well has declined to 10%.
  • Regional Context: Lease-up is accelerating at nearby Portland Commons, contributing to the growth of King West Village (bounded by Front St, Spadina Ave, Richmond St, and Bathurst St).
  • Allied Portfolio in King West Village:
    • Total Office Space Owned: Just over 2.3 million square feet.
    • Allied Modern: 1,471,555 square feet.
    • Allied Heritage: 594,254 square feet.
    • Allied Flex: 248,916 square feet.
    • Storefront Retail Space Owned: 323,027 square feet.
    • Additional Retail: Share of retail space at The Well.

Notable Quotes

  • None provided in the text.
Read the original news release →

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