Wednesday, 16 October 2013

Queen Richmond Centre West by Allied Reit Properties

Queen Richmond Centre West by Allied Reit Properties

Phase 1 of Queen Richmond Centre Moving Forward
First Phase of Allied Queen Richmond Centre in Entertainment District Moving Forward

First Phase of Large-Scale Intensification Project to become Canadian Head Office of Sapient Cor
TORONTO, ONTARIO- 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.

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