Groupe MACH has taken a significant first step into the Greater Toronto Area office market with the acquisition of First Meadowvale Centre in Mississauga.
The 10-storey mid-rise office tower, which opened in 2010, is located at 2465 Argentia Road in the city just west of Toronto.
Although Montreal-based MACH is active in Ontario in the industrial sector, this is its first foray into the Toronto region.
“We are extremely proud to enter the Toronto market with this first high-quality acquisition, which is perfectly aligned with our strategy of deploying our expertise across the rest of Canada,” said Vincent Chiara, President of MACH, in the announcement. “The quality of the building, the exceptionally strong covenant of its tenancy and its strategic location are all qualities that make this building a valuable addition to our portfolio.
“This acquisition sets the stage for other significant transactions in the area.”
Financial details were not disclosed.
About First Meadowvale Centre
The class-A building has nearly 250,000 square feet of new-generation office space. Developed by Toronto-based First Gulf, the so-called FMC1 tower is LEED Gold certified and fully occupied by BMO Financial Group.
Strategically located along the Highway 401 corridor in the Meadowvale Corporate Park, the site is easily accessible by both car and public transit. The corporate park, which has been developed by First Gulf over the past decade, is designed to have about a million square feet of office space at full build-out.
First Gulf sold the sister FMC2 office building to True North Commercial REIT in 2019 for $87.5 million. FMC2 is also comparable in size, with about 252,000 square feet of space.
“Our Toronto office is actively pursuing opportunities in the GTA market,” said Stephen Champion, executive vice president of MACH, Ontario and Western Canada, in the announcement. “Our goal is to build a solid portfolio of assets in the area and First Meadowvale Centre has all the attributes to meet the quality and location standards that are the strength of MACH.”
About Groupe MACH
MACH, celebrating its 20th anniversary in 2020, is one of Canada’s largest private property owners and developers. It has a portfolio of over 150 buildings representing more than 26 million square feet of office, commercial, industrial and multi-residential properties.
MACH is also developing close to 15 million square feet of projects, such as the Quartier des Lumières in Montreal.
Its real estate portfolio includes some of Montreal’s most recognizable buildings including the Sun Life Building, the CIBC Tower, Place Victoria, the Maison de Radio-Canada, and several properties in Quebec City, including the TELUS Building.