Crown Realty Partners (Crown) and Crestpoint Real Estate Investments Ltd (Crestpoint) acquired the Dundas-Edward Centre (DEC), a 416,603 square foot, two-building office complex that features 180 Dundas Street West, 123 Edward Street and an adjacent 303-stall parking structure in downtown Toronto.
Occupying a full city block just east of University Avenue, DEC is located within 150 metres of St. Patrick subway station, near Toronto’s Discovery District, City Hall and Yonge-Dundas Square. The buildings are currently 92 per cent leased to a diverse group of tenants.
This is the second investment Crown and Crestpoint have partnered on.
“We are excited to complete another acquisition with our partners at Crown as we work together to elevate the profile of this prominent site in downtown Toronto and unlock its inherent value,” said Max Rosenfeld, vice-president of asset management and acquisitions at Crestpoint.
The duo plan to undertake several value-enhancement initiatives, under the supervision of Crown acting as the property manager.
“We see an opportunity to add value to the properties through building and tenant upgrades and a renewed leasing strategy,” added Emily Hanna, partner of investments at Crown.
Such improvements include modernizing common spaces, introducing the WorkFit by Crown fitness concept and maximizing the functionality of the parking structure. Several large-scale capital plans will be announced in the coming months with the intent of improving the overall quality of the properties and to accommodate the needs of today’s office tenants.