Allied Properties, RioCan talks lease for The Well

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.