Allied Properties REIT has finalized a lease arrangement with Pied Carre for 208,424 square feet of gross leasable area at 5445-5455 de Gaspe, Montreal.

The lease premises are comprised of 28,354 square feet of gallery space on the ground level of 5445-5455 de Gaspe, and 180,075 square feet of studio space on the 3rd, 4th, 5th, and 6th floors of 5445 de Gaspe.

The lease has a term of 30 years, commencing Nov. 1, at net rental rates that escalate annually. As part of the lease arrangement, Allied has agreed to complete base-building work on the leased premises, including the installation of new windows and the upgrade of the mechanical and electrical systems.

Pied Carre is an established and well organized artists’ collective based in Montreal’s Plateau Mont-Royal. As part of the lease arrangement, Pied Carre has agreed to complete leasehold improvements for the artists it represents and to coordinate the use and financial administration of the leased premises.

In keeping with company policy, Allied has allocated a portion of its rentable area to artistic uses on an affordable basis as part of its Make Room for the Arts program. Allied’s president and CEO, Michael Emory, notes that short-term losses in rent are more than made up in overall occupancy and net rent levels.

“This is the outcome of extensive collaboration between ourselves, Pied Carre, Ateliers Creatifs, the Borough of Plateau Mont-Royal, the City of Montreal and the Province of Quebec,” says Emory. “A wonderful example of our Make Room for the Arts program, the lease to Pied Carre will afford long-term stability to the artistic community in the Plateau, while simultaneously enhancing the upgrade of our de Gaspe properties.”