Top Office Leases Recognized for Greater Toronto
Top Office Leases Recognized for Greater Toronto
Prominent office leases signed by Celestica, H.H. Angus and Payment Solutions Providers Services negotiated by top dealmakers from Metrus Properties are among the third-quarter office leases recognized by CoStar.
As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar will recognize the largest leases completed each quarter and the dealmakers who made them happen in their respective markets.
Here are the Greater Toronto office leases selected as the third-quarter 2023 winners of the CoStar Power Broker Quarterly Deal Awards:
Space Leased: 56,350 SF
Deal Type: New Lease
Size: 454,301 SF
Tenant: Celestica
Brokers Involved: Gabrielle Mair of Metrus Properties represented the landlord.
Deal Commentary: After Toronto-based electronics manufacturing services firm Celestica Inc. entered into an agreement earlier this year to sell its Don Mills property, which includes the site of its corporate headquarters and its Toronto manufacturing operations to a special purpose entity formed by a consortium of three real estate developers, Diamond Corp., Lifetime Developments and Context Development Inc. The consortium plans to work with Toronto officials to win approval for a mixed-use redevelopment that includes office, retail and residential uses, Celestica entered into an interim lease for its existing head office and manufacturing premises on a portion of the real estate for an initial two-year term on a rent-free basis subject to certain payments including taxes and utilities. In the third quarter, the tech firm secured replacement space by signing a long-term lease for the 8th and 9th floors in a new office tower at Don Mills and Eglinton to be developed by Metrus near a Metrolinx Station in Crosstown Place, a new master-planned encompassing 60 acres. However, on the day it leased the space, Celestica subleased it to H.H. Angus, which leads us to the next deal.
Space Leased: 56,350 SF
Deal Type: New Lease
Size: 454,301 SF
Tenant: H.H. Angus
Brokers Involved: Gabrielle Mair of Metrus Properties represented the landlord.
Deal Commentary: Celestica subleased the two floors it had in a soon-to-be-completed office building at 1176 Eglinton Ave. The space is expected to serve as a head office for H.H. Angus, an employee-owned, independent consulting firm of engineers, technical specialists and project managers.
Space Leased: 39,913 SF
Deal Type: Renewal
Size: 193,638 SF
Tenant: Payment Solutions Providers Services
Brokers Involved: Gabrielle Mair of Metrus Properties represented the landlord.
Deal Commentary: Payment Solutions Providers Services, which assists clients to design, deploy, and manage secure networks and transaction routing for processing online transactions, renewed its lease to occupy just under 40,000 square feet of office space at 400 Applewood Crescent in Vaughan. The office building is owned by Concord, Ontario-based Metrus Properties.
Space Leased: 34,975 SF
Deal Type: Renewal
Size: 759,528 SF
Tenant: Koskie Minsky
Brokers Involved: David Fullerton, Allen Brusilow and Matthew McCusker of JLL represented the landlord.
Deal Commentary: Law firm Koskie Minsky LLP renewed its lease for two full floors in the Cadillac Fairview Tower in a third-quarter deal. This Cadillac Fairview-owned office property in downtown Toronto is located near the CF Eaton Center shopping center.
Space Leased: 17,647 SF
Deal Type: New Lease
Size: 445,000 SF
Tenant: Swift Offices
Brokers Involved: Patrick Langdon of Langdon Partners Limited represented the landlord.
Deal Commentary: In a top third-quarter deal, Swift Office signed a lease in the Madison Executive Centre. The 24-storey office property situated in downtown North York is owned by Europro, a commercial property management company that has expanded to managing real estate assets in 10 cities province-wide.
Comments
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Toronto Commercial Properties
Stephen & Mariya Lilly
Brokers
Office: 416-494-7653
Mariya Cell: 416-824-5078
Stephen Cell: 416-802-4228
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