GWL Realty Advisors Inc. has acquired a class-A building at 5000 Yonge Street, in a corridor that’s become one of the largest suburban office sub-markets in the Greater Toronto Area, on behalf of two unnamed investor clients.
“This property is considered to be amongst the best buildings in the north Yonge corridor, given it is the newest office tower constructed in the sub-market by 10 years,” said Glenn Way, GWL Realty Advisors senior vice-president of asset management. “It has a very efficient floor plate, floor-to-floor glass curtain walls maximizing natural light, and modern building systems.”
The building has underground parking and convenient access to Highways 401, 404 and 407. It’s connected to the North York Centre subway station, while retail outlets, services and entertainment amenities can be found in the very walkable neighbourhood surrounding its Yonge Street and North York Boulevard location.
“Well-leased and well-located”
“This well-leased and well-located office property fulfills our clients’ long-term investment objective to acquire assets in Toronto,” said GWL Realty Advisors president Paul Finkbeiner. “Our existing management of more than one million square feet just north of 5000 Yonge Street at 5140, 5150 and 5160 Yonge Street confirms our commitment to this node.”
Menkes Developments completed construction of the modern Adamson Associates Architects-designed building in 2004. The property was jointly owned by Menkes Residential Fund and Transamerica Life Canada before being sold in August 2004 for $181.3 million to 5000 Yonge Street Toronto Limited Partnership, an investment vehicle established by DB Real Estate Management GmbH, a subsidiary of Deutsche Bank AG.
Transamerica is still headquartered in the building, which is 92-per cent leased. Franklin Templeton Investments and Warner Brothers Canada also have large spaces in the location, while a diversified mix of corporate tenants lease smaller spaces.
GWL Realty Advisors manages a portfolio of more than $15 billion of property assets — including office, multi-residential, industrial and retail properties, as well as land — across Canada on behalf of its clients.