Allied Provides Leasing Update on 188,872 Square Feet of GLA in Montréal
Toronto, October 2, 2018 — Allied Properties REIT (TSX:AP.UN) today provided a leasing update on Cité Multimédia in Montréal.
Cité Multimédia has become a cornerstone of Allied’s Montréal portfolio. Having occupied 114,319 square feet of GLA at the property for eight years now, an existing user agreed to extend its lease for a term of 10 years commencing October 1, 2020. The user has also agreed to expand its GLA at the property by 74,553 square feet in three phases between November 1, 2018, and July 1, 2019, with all of the expansion GLA to be coterminous with the extension of its existing lease.
This lease transaction is significant in three respects. First, it will help sustain the high level of occupancy at Cité Multimédia. Second, it will improve the lease-maturity schedule at the property meaningfully. Third, it reflects the depth and breadth of demand for Class I office space in the Old Montréal neighbourhood generally and the property specifically.
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Allied is a leading owner, manager and developer of (i) distinctive urban workspace in Canada’s major cities and (ii) network-dense urban data centres in Toronto that form Canada’s hub for global connectivity. Allied’s business is providing knowledge-based organizations with distinctive urban environments for creativity and connectivity.