Allied Properties Real Estate Investment Trust Provides Leasing Update for QRC West in Toronto
February 26 2014 - 4:23PM
Marketwired
Allied Properties Real Estate Investment Trust Provides Leasing
Update for QRC West in Toronto
TORONTO, ONTARIO--(Marketwired - Feb 26, 2014) - Allied
Properties REIT (TSX:AP.UN) today provided a leasing update for one
of its properties under development, QRC West, Phase I, which is
located on the northwest corner of Richmond and Peter Streets in
the heart of Toronto's Downtown West. This project involves the
restoration of two existing Class I buildings (134 Peter Street and
364 Richmond Street West) and the addition of a new, LEED-
certified component for a combined gross leasable area ("GLA") of
approximately 350,000 square feet. In late 2012, Allied leased
approximately 50,000 square feet of GLA in the new component to
Sapient Corporation and initiated full construction. The
delta-frame structural supports for the new component are now
complete, and the process of forming and pouring the new floors is
underway.
Allied has entered
into a long-term lease transaction with a substantial tenant for up
to 70,000 square feet of GLA. The tenant will occupy four
vertically contiguous floors, the lowest being the fifth floor,
which is the unique interstitial space between the former roof of
134 Peter Street and the underside of the new structure. The
premises will serve as the tenant's Canadian head office upon
commencement of occupancy in 2015.
The new component of
the project is now 50% leased. "We're encouraged by the quantity
and quality of demand for our properties under development
generally and for QRC West in particular," said Michael Emory,
President and CEO of Allied. "It bodes well for our value-creation
activity going forward."
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. Allied's actual results and performance
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. 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 the Allied's Annual Information Form which is available
at www.sedar.com. The cautionary statements qualify all
forward-looking statements attributable to Allied and persons
acting on its behalf. Unless otherwise stated, all forward-looking
statements speak only as of the date of this press release, and
Allied has 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.
Allied Properties REITMichael R. EmoryPresident and Chief
Executive Officer(416) 977-9002memory@alliedreit.com
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