Crown, Crestpoint JV Buys $129M Toronto Office Asset
- Mar 07, 2018
A joint venture between Crown Realty Partners and Crestpoint Real Estate Investments has closed on the acquisition of Dundas-Edward Center, a 416,603-square-foot, two-building office development in downtown Toronto. NorthWest Healthcare Properties sold the asset for roughly $129 million. Dundas-Edward Center last changed hands in early 2011, for $77 million.
Located at 180 Dundas St. W. and 123 Edward St., Dundas-Edward Center includes a 26-story tower, a 15-story building and a 303-spot, multi-level parking structure. Occupying one city block, the property is situated close to the St. Patrick subway station and is within walking distance of the Financial District. The two office buildings were 92 percent occupied at the time the transaction closed and Crown will be in charge of property management.
“We see an opportunity to add value to the properties through building and tenant upgrades and a renewed leasing strategy,” said Emily Hanna, partner at Crown Realty Partners, in prepared remarks.
This transaction marks the joint venture’s second purchase. According to Real Estate News EXchange, the partnership previously acquired Allstate Corporate Centre in Markham, Ontario, for roughly $115 million from British Columbia Investment Management Corp. two years ago. The purchase of Dundas-Edward Center is also the third acquisition made on behalf of Crown’s fourth value-add fund.
Images courtesy of Crown Realty Partners