Allied Properties Real Estate Investment Trust Commences Full Construction of Phase I of QRC West
December 12 2012 - 6:33PM
Marketwired
Allied Properties REIT (TSX:AP.UN) today announced that it has
initiated the full construction process for Phase I of QRC West, an
intensification project in Toronto's rapidly transforming downtown
area. Extending along the west side of Peter Street, from Queen
Street to Richmond Street, QRC West is an office-retail development
that Allied will complete in two phases. The first phase ("Phase
I") will integrate a restored brick-and-beam building, 134 Peter
Street, with a new, 11-storey office structure having approximately
250,000 square feet of rentable area that Allied plans to complete
to a LEED Gold Standard. Completion of the first phase is scheduled
for early 2015. The second phase, which is now well advanced in the
municipal approval process, is expected to include a large retail
component on the southwest corner of Queen and Peter Streets.
"In our view, QRC West is the next step in the evolution of
inner-city office space," said Michael Emory, President & CEO
of Allied. "By integrating a distinctive part of Toronto's built
legacy with new, LEED-certified structures, it will provide
business tenants with creative, efficient and environmentally
responsible workspace in one of the most vibrant, mixed-use areas
of downtown Toronto."
Allied also announced that it has entered into a lease with
Sapient Corporation for approximately 50,000 square feet of office
space comprising the 8th and 9th floors of Phase I for a term of 10
years commencing on March 1, 2015. This space will serve as the
Canadian head office of Sapient Corporation upon completion.
"We're pleased with all aspects of this initial lease
transaction," continued Mr. Emory. "As importantly, we're in
discussions with several other high-calibre office tenants having
requirements between 50,000 and 100,000 square feet, which should
assist us in completing the lease-up of the new component with an
optimal tenant-mix. We don't plan to lease the space in the
restored component, which includes the most valuable retail space
in the project, until the lease-up of the new office component is
closer to completion."
Sweeny Sterling Finlayson & Co Architects is the architect
of the project, and Eastern Construction is the construction
manager. Allied and Eastern are well advanced in tendering the
construction work for Phase I and expect to have approximately 95%
of the construction costs fixed within a short time. Allied has
also received financing proposals from several Canadian financial
institutions to provide interim construction financing for Phase I
on favourable terms.
This press release may contain forward-looking statements with
respect to Allied, its operations, strategy, financial performance
and condition. These statements generally can be identified by use
of forward looking words such as "may", "will", "expect",
"estimate", "anticipate", intends", "believe" or "continue" or the
negative thereof or similar variations. The actual results and
performance of Allied discussed herein could differ materially from
those expressed or implied by such statements. Such statements are
qualified in their entirety by the inherent risks and uncertainties
surrounding future expectations, including that the transactions
contemplated herein are completed. Important factors that could
cause actual results to differ materially from expectations
include, among other things, general economic and market factors,
competition, changes in government regulations and the factors
described under "Risk Factors" in Allied's Annual Information Form,
which is available at www.sedar.com. These cautionary statements
qualify all forward-looking statements attributable to Allied and
persons acting on Allied's behalf. Unless otherwise stated, all
forward-looking statements speak only as of the date of this press
release and the parties have no obligation to update such
statements.
Allied Properties REIT is a leading owner, manager and developer
of urban office environments that enrich experience and enhance
profitability for business tenants operating in Canada's major
cities. Its objectives are to provide stable and growing cash
distributions to unitholders and to maximize unitholder value
through effective management and accretive portfolio growth.
Contacts: Allied Properties REIT Michael R. Emory President and
Chief Executive Officer (416) 977-9002memory@alliedreit.com
Allied Properties Real E... (TSX:AP.UN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Allied Properties Real E... (TSX:AP.UN)
Historical Stock Chart
From Jul 2023 to Jul 2024