Toronto, ON – (June 29, 2021) Crown Realty Partners (“Crown”) announced it has closed on the acquisition of 2630 and 2680 Skymark Avenue located in Mississauga, Ontario (the “Property”).
The Property is comprised of two Class ‘A’, LEED and BOMA Gold certified office towers standing at seven and ten storeys. This transaction presented a unique opportunity to acquire a well-located, well-maintained office building with significant upside potential through a repositioning program facilitated by the addition of amenities intended to enhance the tenant experience.
Crown will focus on health, wellness and connectivity improvements at the buildings to meet the needs of today’s tenants and their workforce returning to the workplace post-COVID-19. The plan includes upgrades to the common areas, creating collaboration zones and introducing a WorkFit by Crown fitness centre. In addition to launching Crown’s Safe+Suites model suites program, Crown intends to pursue certifications such as Fitwell’s Viral Response module and WiredScore to further reinforce the Property’s position in the market.
Located within the Airport Corporate Centre (ACC), the Property is highly visible and accessible via the Highway 427 and Highway 401 interchanges. MiWay’s Renforth Station is a short walk from the building, providing fast connections to the Mississauga’s Bus Rapid Transit, TTC and GO Transit services.
“We are excited to acquire this outstanding asset in Airport Corporate Centre,” said Scott Watson, Partner, Leasing and Acquisitions. “It is a great fit for our fund’s portfolio and aligns with our objective to reposition well-located office properties to core assets. Our repositioning plans for the complex are geared towards elevating the workplace experience for current tenants while attracting top businesses and talent and making them feel excited to come to work post-COVID-19.”
About Crown Realty Partners
Crown is an integrated commercial real estate investment and management firm focused on value-add opportunities across Canada, with over two billion dollars of real assets under management. Founded in 2001, Crown has a well-established track record, an experienced team and takes a hands-on approach to provide superior returns for investors and better workplaces for tenants. The Partners of Crown always coinvest in its value-add funds ensuring strong alignment of interests with investors.
This year, Crown launched its fifth value-add fund, CR V LP and completed its initial equity raise with $140 million of commitments from both institutional and family offices. The fund is targeting an overall size of $300 million and will be open for additional equity commitments through to the end of 2021.
For further information, please contact:
Crown Realty Partners