Cushman & Wakefield Brokers Shopify’s 434 KSF Toronto Lease

The e-commerce platform signed a long-term lease at downtown Toronto’s newest mixed-use development, The Well. Since 2013, the global real estate services firm has represented Shopify in several other deals.
The Well
The Well

Cushman & Wakefield has brokered Shopify’s new Toronto lease of 433,752 square feet. The e-commerce platform inked a 15-year lease at The Well, a new development in downtown Toronto. Michael Scace, Alan Rawn and Lauren Luchini of Cushman & Wakefield represented the tenant in the deal.

The Well is a 3 million-square-foot mixed-use property that includes residential, commercial and retail space and was first announced in 2014. The commercial component of the project, a Class AAA office building targeting LEED Platinum certification, is a joint venture between Allied REIT and RioCan and is slated for completion in 2022.

“Having Shopify commit to such a significant amount of space at Allied REIT and RioCan’s latest project The Well is not only a great Canadian story, but a true testament to Toronto’s desirability for world-class tenants,” said Scace, senior vice president at Cushman & Wakefield, in prepared remarks.

Shopify will commit to an initial 254,000 square feet with unprecedented expansion rights for the remaining square footage. The Cushman & Wakefield team has represented Shopify since 2013, with its first lease deal with the company at 80 Spadina Avenue in 2013, then later a new headquarters lease of 158,520 square feet that launched King-Portland Centre in 2016. 

Image courtesy of Binyan Studios via RioCan & Allied Properties REIT