We are pleased to announce the portfolio acquisition of 11, 15, 19, 27 Allstate Parkway and 80 Frontenac Drive (“Allstate Corporate Centre”) in co-ownership with Crestpoint Real Estate Investments Ltd. Allstate Corporate Centre occupies an outstanding address on the north side of Highway 7, immediately east of the Highway 404 interchange. The 575,000 square foot Class A campus is easily recognizable by its distinctive central square, exposure and global tenant base. Crown will oversee the property management of the portfolio and will be responsible for leasing and day-to-day operations.
Crown Realty Partners (“Crown”) and Crestpoint Real Estate Investments Ltd. (“Crestpoint”) are pleased to announce the portfolio acquisition of 11, 15, 19, 27 Allstate Parkway and 80 Frontenac Drive, (“Allstate Corporate Centre”). Crown will oversee the property management of the portfolio and will be responsible for leasing and day-to-day operations.
Allstate Corporate Centre is the most conveniently located office complex in Markham. Occupying an outstanding address on the north side of Highway 7, immediately east of the Highway 404 interchange, the 575,000 square foot Class A campus is easily recognizable by its distinctive central square, exposure and global tenant base including Allstate Insurance, Huawei, Oracle, Grant Thornton and more. With an on-site Tim Hortons, executive underground parking, exceptional landscaping and walking trails surrounding the campus, Allstate Corporate Centre is a unique and outstanding corporate destination.
This significant co-investment by Crown and Crestpoint indicates a strong level of confidence in the Markham office node. “We are committed to Markham,” said Les Miller, Crown’s Managing Partner, Real Estate Management. “This acquisition is the latest in our investment in the Markham market where Crown and Crestpoint currently own or manage over 1.5M square feet of office space. We look forward to heightening Allstate Corporate Centre’s stature with a series of customer focused initiatives to be announced in the coming months.”
“As Markham’s economy continues to thrive, the City is keen to partner with organizations like Crown and Crestpoint who are working to maintain and enhance our business sector,” said Frank Scarpitti, Mayor, City of Markham. “By providing best-in-class office space for many of the 400+ corporate head offices that call Markham home, we look forward to continuing this partnership and furthering the value of our diverse global connections. Our low tax rate for industrial/commercial properties is a real incentive for investment in Markham.”
About Crestpoint
Crestpoint Real Estate Investments Ltd. is a commercial real estate investment manager dedicated to providing investors with direct access to commercial real estate assets. Through the execution of our disciplined investment approach and active management of our properties, we strive to deliver stable income and attractive long-term returns through a diversified 15.5 million square foot portfolio of office, retail and industrial properties with a total current market value of $2 billion. Crestpoint is part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over $63 billion in assets for institutional, private and retail clients. www.crestpoint.ca