Overview
Crown acquired 55 Standish Court in Mississauga as part of a three-building office portfolio purchase from Orlando Corporation in early 2022. Already the largest and best-in-class asset in the node, the property presented clear upside through significant vacancy, below-market rents, and dated amenities. With approximately 25% vacancy, and near-term lease expiries, Crown implemented a targeted repositioning strategy to enhance the tenant offering, retain major corporate occupiers, and attract new tenants seeking AAA suburban office space.
Strategy
Crown executed a coordinated asset management, leasing, and construction program to modernize the building and strengthen its market position. The amenity offering was upgraded to include a tenant lounge with a golf simulator and informal meeting space, alongside a refreshed fitness centre with a gender-neutral change room. Food service was enhanced through the addition of a new cafeteria operator, complemented by improvements to both indoor and outdoor patio environments. The introduction of EV charging infrastructure.
Through its vertically integrated platform, Crown delivered turnkey construction solutions aligned with tenant requirements, supporting efficient lease execution and reducing downtime. The leasing strategy focused on extending key in-place tenants while repositioning the asset to attract new demand, supported by a clearly differentiated amenity program and targeted market outreach.
In parallel, Crown identified opportunities to generate ancillary revenue through underutilized components of the asset, including third-party parking and on-site film activity.
Results
Within 36 months, Crown completed 20 lease transactions, including 10 renewals and 10 new deals, totaling more than 350,000 square feet. This leasing activity increased effective occupancy from 53% to 98%, while securing long-term commitments from major tenants including CIBC, and Kuehne + Nagel, and attracting Co-operators for approximately 60,000 square feet.
In-place rental rates increased by more than $10 per square foot on average through renewals, driven by alignment to market rents and the implementation of current BOMA measurement standards.
Crown also generated incremental ancillary income through surplus parking and on-site film production, totaling approximately $XX,XXX annually. Tenant engagement strengthened significantly, with the property achieving the highest participation across Crown’s portfolio, including approximately 70% daily active usage on the tenant platform and a Net Promoter Score of 63.
Through targeted capital investment and a tenant-focused repositioning strategy, Crown enhanced leasing performance, improved income quality, and reinforced 55 Standish Court’s position as a leading suburban office asset.
.jpg)
