Crown Realty Partners (Crown) has acquired a 252,000 square-foot office building in Toronto’s vibrant Downtown West neighbourhood on behalf of its third fund, Crown Realty 111 LP, and other co-investors.
Located near the financial core and south of Richmond Street, 111 Peter Street rises to nine storeys and houses tenants like Influitive, Varage Sale, Leonardo Worldwide Corp. and Breather.
Crown is currently on the search for a ground floor retail tenant for 10,505 square feet of space, next to Independent City Market, a Loblaws franchise chain that currently feeds many local condo dwellers in an area that has seen rapid residential development in need of amenities. The area is also a hub for technology, advertising, and media and information companies.
Constructed in 1972 to house manufacturing and warehouse activities for the garment industry, the renovated building has loft-style floor plates (29,000 square feet), high ceilings, spacious corridors and underground parking. For flexibility there are also superior loading facilities and a freight elevator for tenants of all sizes,
“We are excited to complete this acquisition as it appeals to a broad range of tenants within a dynamic office node,” said Emily Hanna, partner, investments, Crown. “This asset also contributes to the geographic diversity of CR III LP, which has, to this point, acquired over 1.4 million square feet of space within Markham, Mississauga and North York.”
This acquisition signals the end of Crown’s third fund. The company has, however, announced the initial closing of it fourth value-add fund, Crown Realty IV Limited Partnership, closing this year with capital excess of $200 million. The fourth fund will build upon the accomplishments of the previous value-add funds focused on the office market in the Greater Toronto Area.