Toronto, ON–(October 3, 2017) Crown Realty Partners (“Crown”) announced today that it has closed on the acquisition of a 50% equity interest in 5255 Yonge Street, Toronto (the “Property”) on behalf of its fourth value-add fund, Crown Realty IV Limited Partnership (“CR IV LP”). With the transaction, Crown will also oversee the management and leasing of the Property.
Located in Toronto’s North Yonge corridor on the east side of Yonge Street and south of Finch Avenue, 5255 Yonge Street has traditionally appealed to corporate head offices. Constructed in 1990, the 243,000 square foot building features underground parking, 18,500 square feet floor plates and amenities (both on and off -site). The building offers open space with few columns, high ceilings and spacious corridors which appeal to full floor tenancies and can easily accommodate multiple tenancies. A complimentary shuttle bus service provides tenants immediate access to North York Centre Station and Finch Subway and Go Stations.
Crown will kick off large-scale capital improvements commencing January 2018, including a more prominent main entrance, new building lobby, upgraded elevator corridors and model suites. “Crown is eager to work with its new partner to reposition 5255 Yonge Street. Our renovation plans are geared to attract today’s top talent and get them excited to work in the North Yonge Corridor,” said Scott Watson, Partner, Leasing and Marketing at Crown Realty Partners.
Crown has commenced the marketing of suites ranging in size from 1,000 to 5,000 square foot move-in-ready suites, full-floors, and larger contiguous blocks (up to 96,000 square feet). The building offers a unique opportunity for building top signage, along with naming rights for a future anchor tenant. The acquisition of 5255 Yonge Street is the third in CR IV LP which has over $200 million of committed capital to invest and is actively seeking Canadian commercial real estate investment opportunities that fit the fund’s value-add investment mandate.
About Crown Realty Partners
Founded in 2001, Crown Realty Partners is an integrated investment and management firm that acquires, manages and develops commercial real estate assets in Canada. Crown applies a hands-on approach to real estate management that delivers both higher performance for investors and a better experience for tenants. With over 8.5 million square feet of assets acquired and billions of dollars of assets under management, Crown has consistently delivered above market returns. For more information, visit www.crownrealtypartners.com.
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Crown Realty Partners