Vancouver-based QuadReal Property Group has created a partnership with global investment manager LaSalle Investment Management to recapitalize a $692-million (all figures Cdn) portfolio of 11 industrial properties in the United States.

The portfolio comprises properties from QuadReal’s direct U.S. platform, which total 3.3 million square feet of space. They are located across major population centres, near critical infrastructure, in five states including Georgia, Pennsylvania, New Jersey, Texas and Washington. 

LaSalle is to acquire a 49 per cent interest in the portfolio, with QuadReal retaining majority ownership and continuing to manage the assets.

The announcement is the latest in a series of significant moves by QuadReal in the past few weeks.

The organization also announced the sale of The Post office tower in Vancouver for over $1.1 billion to Spanish multinational investor Pontegadea, and in the industrial sector it announced the first major tenant at a spec-build development in the Greater Toronto Area.

Partnership could expand with new acquisitions

"This partnership (with LaSalle) capitalizes on QuadReal's direct operating capabilities, the very intentional portfolio we have built, and it reinforces our deep conviction in the industrial sector," Jamie Weber, head of Americas for QuadReal, said in the announcement. "We look forward to deepening our relationship with LaSalle, a likeminded and long-term oriented investor."

The partnership terms also provide for an additional capital commitment from LaSalle for the potential acquisition of future industrial assets. ”This leaves a significant runway to expand its real estate investment portfolio in partnership with QuadReal,” the announcement states.

Industrial is a high-conviction sector for QuadReal, with the firm's U.S. portfolio amounting to 23.5 million square feet of industrial space. It holds interests in a global industrial portfolio of 156.3 million square feet.

"Expanding our presence in key U.S. logistics markets is a core part of LaSalle's investment strategy," Stuart Sziklas, LaSalle’s global portfolio manager, said in the announcement. "This transaction allows us to access a high-quality portfolio in markets with strong fundamentals, while creating long-term value.

“We're pleased to work alongside QuadReal and look forward to future opportunities together."

QuadReal's other recent activity

The sale of the Post office complex in downtown Vancouver is one of the most significant commercial real estate transactions in Canada during 2025. The complex was originally built in 1958 as a Canada Post facility, but was redeveloped in phases over several years and began occupancy again in 2023.

It comprises about 1.1 million square feet of office space, plus retail/commercial and other public spaces in two towers and a podium. The office space is leased by Amazon, which utilizes the complex as its Vancouver hub.

QuadReal also announced the leasing of about 75 per cent of the 1.12-million-square-foot first building at its expansive Station Twelve industrial park in Caledon, northwest of Toronto. Station Twelve comprises approximately 325 developable acres at the intersection of Mayfield and Dixie roads. 

The tenant has not been disclosed, but is expected to begin occupancy in late 2027.

That leaves approximately 262,000 square feet unleased in a building that will feature a 40-foot clear height, 191 dock doors, four drive-in doors, parking for 320 trailers and 570 vehicle parking stalls. A second building at Station Twelve will deliver an additional 937,000 square feet of space.

About QuadReal and LaSalle

QuadReal Property Group is a global real estate investment, development and operating company. Its assets under management are $94 billion. 

From its foundation in Canada as a full-service real estate operating company, QuadReal has expanded its capabilities globally for investments in equity and debt in both the public and private markets. QuadReal invests directly through operating platforms in which it holds an ownership interest and via programmatic partnerships.

QuadReal's investment strategy and international experience have established the firm as a Top-20 real estate investor globally.

LaSalle Investment Management is also a global real estate investment manager, with US$88.5 billion of assets in private and public real estate equity and debt investments as of Q2 2025.

LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.