{"id":1004340212,"date":"2019-07-22T04:30:05","date_gmt":"2019-07-22T12:30:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004340212"},"modified":"2019-07-22T06:18:20","modified_gmt":"2019-07-22T14:18:20","slug":"allied-properties-closes-2-acquisitions-in-montreal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/","title":{"rendered":"Allied Properties Closes 2 Acquisitions in Montreal"},"content":{"rendered":"
\"700<\/a>

700 de la Gaucheti\u00e8re. Image via Google Street View<\/em><\/p><\/div>\n

Allied Properties Real Estate Investment Trust has closed its acquisitions of 700 de la Gaucheti\u00e8re St. W. and the RCA Building, both in Montreal. The tower at 700 de la Gaucheti\u00e8re (DLG) is in the southern portion of the city\u2019s downtown core, close to Allied\u2019s 425 Viger Ave. W. <\/p>\n

The roughly 936,000-square-foot 700 DLG was 96 percent leased at the time of sale. The property features large floorplates, substantial ceiling heights and ample column spacing, as well as some 700 underground parking spaces. The possibility exists to create additional workspace and urban data center space by transforming portions of the existing structure above and below grade.<\/p>\n

The RCA Building is located at 1001 Lenoir St. in Saint-Henri, an emerging mixed-use neighborhood west of Griffintown and south of Westmount. The area, near McGill University Health Centre, is well served by public transportation and has a sizable stock of older structures that can be adaptively re-used as urban workspaces. The property totals 220,535 square feet of land, 343,579 square feet of GLA over five stories and surface parking for 215 cars. About 107,000 square feet of the land can be developed in time. The building is 82 percent leased to a roster of knowledge-based organizations, many of which continue to expand within the building.<\/p>\n

Allied did not reply to Commercial Property Executive<\/em>\u2019s requests for additional information. CPE<\/em> was, however, able to identify Dream REIT, of Toronto, as the previous owner of 700 DLG.<\/p>\n

Getting better, but slowly<\/h2>\n

Allied has owned, managed and redeveloped urban workspace in Montreal since 2005. It now owns 20 urban properties that total 5.6 million rentable square feet, including 5445 and 5455 de Gasp\u00e9 Ave. (969,558 square feet), Cit\u00e9 Multim\u00e9dia (958,849 square feet) and Nordelec (877,376 square feet). Montreal\u2019s emergence as a top urban environment for knowledge-based organizations is driven in large part by the city\u2019s institutions of higher education, according to Allied.<\/p>\n

Office vacancy has been declining across greater Montreal, with improvements in most submarkets, according to a recent report from Avison Young. The absorption of about 2.4 million square feet of space in the first quarter brought the metro\u2019s overall vacancy down to 13.7 percent. Despite this, the report continues, investment activity has been surprisingly low, with 700 DLG having been on the market since fall 2018. Typical cap rates for Class A office buildings in downtown Montreal reportedly average 5.0 percent.<\/p>\n

One notable exception to the slow investment market in Montreal was Bentall Kennedy\u2019s purchase<\/a> in May of the trophy office building at 1250 Ren\u00e9-L\u00e9vesque for a reported $450 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The deal brings the Toronto-based company’s Montreal footprint to 5.6 million rentable square feet after nearly 15 years in the metro. <\/p>\n","protected":false},"author":882,"featured_media":1004340215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,16,21742,21747],"tags":[46151,33022],"class_list":["post-1004340212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-international","category-latest","category-office","tag-allied-properties","tag-avison-young"],"acf":[],"yoast_head":"\nAllied Properties Closes 2 Acquisitions in Montreal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Allied Properties Closes 2 Acquisitions in Montreal\" \/>\n<meta property=\"og:description\" content=\"The deal brings the Toronto-based company's Montreal footprint to 5.6 million rentable square feet after nearly 15 years in the metro.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-22T12:30:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-22T14:18:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/700-de-la-Gaucheti\u00e8re.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/\",\"name\":\"Allied Properties Closes 2 Acquisitions in Montreal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/700-de-la-Gaucheti\u00e8re.jpg\",\"datePublished\":\"2019-07-22T12:30:05+00:00\",\"dateModified\":\"2019-07-22T14:18:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/allied-properties-closes-2-acquisitions-in-montreal\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/700-de-la-Gaucheti\u00e8re.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/700-de-la-Gaucheti\u00e8re.jpg\",\"width\":800,\"height\":620,\"caption\":\"700 de la Gaucheti\u00e8re. 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