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Crown Realty Partners and Crestpoint Real Estate Investments Ltd. have assumed joint ownership of the Allstate Corporate Centre in Markham, Ont.
“This is the first time Crown and Crestpoint have worked together,” said Crown managing partner Les Miller.
“Together, we currently own or manage over 1.5 million square feet in the Markham market. We are looking forward to working together and continuing the relationship moving forward.”
The two companies split the $148.55-million purchase price in acquiring the property from British Columbia Investment Management Corporation. Crown Property Management will take over from GWL Realty Advisors in overseeing property management and will be responsible for leasing and day-to-day operations.
575,000-square-foot class-A campus
The 575,000-square-foot class-A campus features a central square, landscaped green space, an on-site Tim Hortons restaurant, 122 visitor parking spots and a level of executive underground parking that will soon have electric and hybrid car-charging stations.
The buildings were constructed between 1988 and 2002 and the individual addresses are 11, 15, 19 and 27 Allstate Parkway as well as 80 Frontenac Dr. All four buildings are BOMA BEST Silver-certified.
“Exciting updates are planned for this year,” said Miller. “Lobby upgrades, environmental initiatives and making better use of public spaces.”
Allstate Corporate Centre is located on the north side of Highway 7, immediately east of the Highway 404 interchange and close to Highway 407. A new overpass over Highway 404 between Allstate Parkway and East Beaver Creek Road is scheduled for a 2017 completion.
It’s 350 metres to the nearest transit stop using a walking trail located on-site. A variety of restaurants, hotels, fitness centres and banks are located nearby.
Complex is 93 per cent leased
Allstate Corporate Centre is 93 per cent leased and the biggest tenants include Allstate, Huawei, Oracle and Grant Thornton.
Crown has acquired and managed more than seven million square feet of office space in the Greater Toronto Area (GTA) and is a big backer of Markham.
“Markham is one of the top suburban office nodes within the GTA and an urban centre with strong residential, commercial and demographic fundamentals,” said Miller.
“We have had recent success in the Markham market with the Cochrane assets purchased in 2015 by Crown on behalf of Crown Realty III Limited Partnership.”
Crestpoint has invested in a diversified 15.5-million-square-foot portfolio of office, retail and industrial properties in Canada and the United States with a current market value of $2 billion.
It’s part of Toronto-based Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm with affiliates that collectively manage more than $63 billion in assets for institutional, private and retail clients.
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