Crown Realty Partners has acquired two Mississauga mid-rise office buildings, comprising about 244,000 square feet, in the Airport Corporate Centre.
The College Square buildings are 10-storey and seven-storey towers at 2630 and 2680 Skymark Avenue. The taller tower contains 154,758 square feet of space and the smaller tower 88,792 square feet.
They are certified LEED Gold and BOMA Gold.
Financial details were not disclosed.
“We are excited to acquire this outstanding asset in Airport Corporate Centre,” said Scott Watson, partner, leasing and acquisitions, in the announcement Monday morning. “It is a great fit for our fund’s portfolio and aligns with our objective to reposition well-located office properties to core assets.
“Our repositioning plans for the complex are geared towards elevating the workplace experience for current tenants while attracting top businesses and talent and making them feel excited to come to work post-COVID-19.”
About 2630 and 2680 Skymark
Crown says it considers the properties to be well-located and well-maintained, with significant upside potential through a repositioning program to add new amenities intended to enhance the tenant experience. The focus will be on health, wellness and connectivity improvements at the buildings as tenants prepare for the return of more employees to their workplaces post-COVID-19.
The plan includes upgrades to the common areas, creating collaboration zones and introducing a WorkFit by Crown fitness centre. In addition to launching Crown’s Safe+Suites model suites program, Crown also intends to pursue certifications such as Fitwell’s Viral Response module and WiredScore.
The property benefits from high visibility and accessibility via the Highway 427 and Highway 401 interchanges. MiWay’s Renforth Station is a short walk from the building, connecting it to Mississauga’s Bus Rapid Transit the TTC and GO Transit services.
The buildings, previously part of Epic Investment Services’ portfolio, had about 52,000 square feet of space for lease according to the Epic website. The majority of this space, almost 49,000 square feet, is at the 2680 Skymark property, and includes a 31,000-square-foot block of contigious space.
About Crown Realty Partners
Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with over $2 billion of real assets under management. Founded in 2001, the firm’s partners always coinvest in its value-add funds.
This year, Crown launched its fifth value-add fund, CR V LP and completed its initial equity raise with $140 million of commitments from both institutional and family offices. The fund is targeting an overall size of $300 million and will be open for additional equity commitments through 2021.