From Long-Term Vacancy to Award-Winning Lease Execution

Overview

In a highly competitive, vacancy-driven suburban office market, Crown repositioned Carlson Court to better align with evolving tenant expectations. A long-vacant space was transformed into a flexible, hybrid-ready workplace offering, supported by targeted marketing, design interventions, and a highly customized leasing approach. Through proactive engagement and tenant-focused execution, Crown secured a 25,000+ SF lease with Gay Lea Foods, stabilizing the asset and reinforcing long-term income durability during a period of broader market uncertainty.

Strategy

Originally repositioned in 2018 as an amenity-rich suburban office campus, 10 and 20 Carlson Court feature conference facilities, a fitness centre, tenant lounges, and a central atrium. Despite these enhancements, a former fitness and restaurant space at 10 Carlson Court had remained vacant since 2009, presenting a persistent leasing challenge.

In 2023, Crown reintroduced the space with a reconfigured layout that included a private entrance, newly created outdoor patio, and a prominent branding opportunity tailored to modern office users. To support leasing velocity, Crown deployed a creative visualization strategy, including pre-designed feasibility plans and virtual tours, enabling prospective tenants to clearly understand the space’s potential.

Leasing execution was driven through a highly engaged and relationship-led approach. Crown leveraged brokerage connections to originate the opportunity and led a structured leasing process beginning with a detailed kickoff engagement to understand the tenant’s operational and cultural requirements. A curated and highly tailored tour experience was developed to directly address these needs, supported by full turnkey delivery solutions.

Crown adapted its standard policies and procedures to align with tenant priorities, including permitting dogs on-site and implementing site access improvements to enhance functionality. This responsive approach, grounded in actively listening and responding to tenant feedback, was critical in converting interest into a long-term commitment.

Results

In 2024, Crown executed a 15-year, 25,000+ SF lease with Gay Lea Foods, earning NAIOP Greater Toronto’s 2025 Lease of the Year recognition. The transaction materially increased occupancy, reduced near-term rollover exposure, and extended the asset’s weighted average lease term.

The successful lease-up of a space vacant for over a decade demonstrates Crown’s ability to combine physical repositioning with highly tailored leasing execution. By aligning the asset with specific tenant needs and delivering a customized solution, Crown enhanced income stability, supported valuation resilience, and strengthened Carlson Court’s competitive position within the Airport East office node.