Crown Realty Partners has completed a deal for of 2300 Meadowvale Blvd. in Mississauga, marking the company’s first acquisition made on behalf of its fourth value-add fund, Crown Realty IV Limited Partnership.
The acquisition is a readily accessible three-storey, 242,000-square-foot office building constructed in 1986 for the head office of GE Canada.
“One of the first LEED certified buildings in Canada, the building is located on 26 acres north of Highway 401 and west of Mississauga Road and features a ‘MiWay’ bus stop immediately in front of the property. The building offers an unparalleled branding opportunity, with easy access to the 400-series highways and over 1,800 feet of direct exposure on Highway 401,” Crown stated in its acquisition announcement.
“We are excited to complete this acquisition as it will provide a value-add opportunity for our Fund which will allow us to reinvigorate this site as a future-forward corporate campus,” Crown investments partner Emily Hanna said.
The company will implement its WorkFit by Crown fitness concept at the site, which will add a modern fitness and lifestyle centre for future tenants.
“Other features of the property include unique collaborative areas, an on-site cafeteria, open-air atrium, impressive loading facilities and an abundance of green space onsite. These amenities, together with its sprawling floor plates (averaging 56,000 square feet) will position the building to accommodate a large corporate head office and smaller future tenancies,” Crown explained.