2025 Lease of the Year, NAIOP GREATER TORONTO.
15 Year Term increased WALT by XX.
Here’s another example callout, average length.
In a highly competitive and vacancy-driven suburban office market, Crown repositioned Carlson Court to align with evolving tenant demand. Rather than continuing to market conventional office space, Crown converted a large vacancy into a flexible, hybrid-ready workplace environment and secured Gay Lea Foods in a qualifying 25,000+ SF lease transaction. This strategic repositioning stabilized the asset and strengthened long-term investor value during a period of sector-wide uncertainty.
10 and 20 Carlson Court were repositioned in 2018 as a best-in-class, amenity-rich suburban office complex featuring conference facilities, a fitness centre, tenant lounges, and a dramatic central atrium. Despite these upgrades, a former fitness and restaurant space at 10 Carlson Court had remained vacant since 2009.
In 2023, Crown reintroduced the space with a private entrance, newly created patio, and prominent branding opportunity to better attract office users. To drive leasing, Crown implemented a creative marketing strategy, including pre-designed feasibility plans and virtual tours that helped tenants visualize the space’s potential. This proactive approach repositioned the long-vacant space and generated new leasing interest.
In 2024, Crown signed a 15-year, 25,000 SF lease with Gay Lea Foods, strengthening Carlson Court’s stability and competitiveness while revitalizing the Airport East office node. The transaction increased occupancy, reduced rollover risk, extended the weighted average lease term, and enhanced income durability. By modernizing the asset without full redevelopment, Crown stabilized cash flow, supported valuation resilience, and demonstrated its ability to proactively reposition assets and create value during market disruption.
This lease demonstrates Crown’s success in repositioning underutilized assets and highlights the strong demand for well-amenitized suburban office spaces.
