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Blackstone buys 2 Montreal office bldgs. from Kevric for $230M

Blackstone Real Estate has acquired interests in two major office properties in Montreal, 1100 At...

The Air Canada-Altoria tower in Montreal. (Courtesy Kevric)

The Air Canada-Altoria tower in Montreal. (Courtesy Kevric)

Blackstone Real Estate has acquired interests in two major office properties in Montreal, 1100 Atwater and the mixed-use Air Canada-Altoria tower, for over $230 million from Kevric Real Estate Corp.

The announcement Friday morning says Kevric is retaining an interest in both properties and will continue to manage them, but does not detail the breakdown of the ownership venture.

“This partnership signifies the growth of an important long-term business relationship with Blackstone, who we are proud to count as one of our partners,” Kevric president Richard Hylands said in the announcement. “This is the second transaction between the two parties after the acquisition of the 99 Atlantic Complex in Toronto, which was completed in November 2021.

“This partnership is emblematic of Kevric’s distinction as a class-A acquisition, development and property management leader in Canada.”

The two buildings contain over 400,000 square feet of office space.

In an exclusive interview with RENX last fall, Blackstone’s head of real estate Americas Nadeem Meghji had indicated the firm was seeking to expand its Canadian holdings, particularly in emerging neighbourhoods with strong tenants in the tech and creative industries.

“This transaction reflects Blackstone’s continued conviction in Canada, as well as our belief in the demand for highly amenitized office spaces where employees want to work. Montreal is a thriving and dynamic market, and we look forward to being long-term owners of these high-quality assets,” Meghji said in Friday’s announcement.

The Air Canada-Altoria and 1100 Atwater properties

Located in the heart of Montreal’s international district and directly connected to the Square-Victoria metro station, the Air Canada-Altoria tower is a 35-storey mixed-use building comprising 10 storeys of office space (about 243,000 square feet) and 25 storeys of condominiums containing 152 residences.

The condo tower was constructed atop the Viger Tower building and was completed in 2015. It is LEED certified and offers views of both the St. Lawrence River and Mount-Royal.

1100 Atwater is located in the Shaughnessy Village area, on the corner of Tupper and Atwater in Westmount. The seven-storey, loft-style building contains 175,500 square feet of leasable space, with amenities which include a large rooftop terrace.

The interior features an “open-ceiling loft-style concept, and its large, contiguous spaces provide a campus-like atmosphere” according to Kevric’s website.

Because of its location, the property is accessible to transit, local shops, entertainment and restaurants, and is about five minutes from downtown Montreal.

Kevric is continuing to grow its presence in the Montreal market. In addition to its renovation of Place Bonaventure, it is planning a major renovation of 600 de la Gauchetière, currently known as the National Bank’s headquarters.

The company is also preparing several new real estate developments, including a new office building at 65 Heward, as well as residential towers at the Scarborough Centre in Toronto.

About Kevric Real Estate Corporation

Kevric is a real estate company active in the Montreal, Ottawa and Toronto areas.

The company’s expertise is in identifying, acquiring and repositioning properties. Kevric offers specialized services in building construction and redevelopment, asset management, leasing and project financing.

It currently owns and manages properties in the Greater Toronto Area and downtown Montreal.

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