Allied Properties, RioCan talks lease for The Well

Executive Summary

• Allied Properties Real Estate Investment Trust and RioCan Real Estate Investment Trust announced a significant new office lease at The Well in Toronto, involving 124,235 square feet of space.
• The lease is for a term expiring May 31, 2037, and includes exclusive rooftop signage rights for the tenant.
• The office space available for sublease at The Well has declined to 10% following this and other leasing activity, contributing to the transformation of King West Village into a core office node.

Key Details

• Tenant Space: 124,235 square feet of office space located on the third through sixth floors of 460 Front St. W.
• Lease Term: Expires May 31, 2037.
• Additional Rights: The tenant is entitled to exclusive rooftop signage on 460 Front St. West facing south.
• Vacancy Rate: Office space available for sublease at The Well has declined to 10%.
• 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: 323,027 square feet (plus share of retail space at The Well).
• Context: The leasing activity, combined with the accelerating lease-up of modern office space at nearby Portland Commons, is bringing thousands of new knowledge workers to King West Village.

Notable Quotes

• None provided in the text.