Crown Realty’s fund, Crown Realty IV Limited Partnership, has added a fourth asset as its administrators look to invest $234 million of committed capital in Canadian commercial real estate. The acquisition of 10 and 20 Carlson Court, a 305,000-square-foot Class A office complex near Toronto’s Pearson International Airport, was announced earlier today.
Two mid-rise towers sharing a central two-storey atrium comprise the LEED Gold complex, which also offers a fitness centre, restaurant and conference centre for tenant use. It sits on a 9.7-acre site with connections to major highways, and in close proximity to a planned hub for the Greater Toronto Area’s inter-regional transit services.
“The airport employment zone is the second largest concentration of employment in Canada after downtown Toronto. With plans underway across all levels of government to enhance the area’s transit connectivity, the airport office node is an excellent suburban option for employers,” says Emily Hanna, partner, investments, with Crown Realty Partners.
Recently released statistics for the second quarter of 2018 reveal an availability rate in the 16 per cent range in the Toronto airport office node, but that’s an improvement of 190 basis points since the end of March. Avison Young calls it “robust leasing activity” as asking net rental rates across the entire GTA west market gained $0.36 per square foot over the quarter. About 122,000 square feet of new office space is now under construction or in the development pipeline in the vicinity.