Allied Properties REIT has closed acquisitions of 555 Richmond Street West and 460 King Street West located on the west side of downtown Toronto.

Now part of Allied’s rental portfolio, 555 Richmond Street West sits adjacent to a group of four properties owned by Allied on the southeast corner of Bathurst and Richmond Streets.

In mid-August, Michael Emory, President and CEO of Allied, said the property would be an excellent addition to the company’s large inventory of future intensification opportunities.

“555 Richmond West will give us a cost-effective, large-floor-plate alternative for office users in the supply-constrained Downtown West sub-market, along with significant surplus land,” he said.

Located along the eastern and southern borders of a prime block at King Street and Spadina Avenue, 460 King Street West is now part of Allied’s development portfolio.

Since the beginning of 2014, Allied has finalized $225 million in acquisitions, $15 million of which was invested in 460 King Street West.

The other $210 million was invested in six properties with 562, 000 square feet of gross leasable area, 544 parking spaces and excess land that currently form part of Allied’s rental portfolio.