Allied Properties Real Estate Investment Trust has announced its impending purchase of a major office asset in Montreal for $276 million.
The Class I office complex, 747 Square-Victoria Street, is situated at the International Quarter, a vital heritage hub that links the downtown area and Old Montreal.
“Comprising a large part of the city block bounded by Saint-Antoine on the north, Saint-Pierre on the east, Saint-Jacques on the south and Square-Victoria on the west, 747 Square-Victoria was created by integrating heritage structure along Saint-Antoine and Saint-Jacque with new structure along a historic laneway (Ruelle des Fortifications) that extends the length of the block from Saint-Pierre to Square-Victoria,” Allied stated.
747 Square-Victoria Street offers 519,574 square feet of office space, along with 43,015 sq. ft. of retail and 858 underground parking spaces.
Located quite close to Allied’s 700 de la Gauchetière Street West and 425 Viger Avenue West assets, “the proximity and connectivity will enhance Allied’s ability to coordinate and enrich the user experience at all three buildings over time.”
Additionally, the purchase “will enhance Allied’s ability to serve knowledge-based organizations in urban Montreal as it transforms to a primary North American office market for TAMI (tech, advertising, media and information) users.”
The announcement came on the heels of a report by Morguard Corporation, which predicted sustained growth in Canada’s office and industrial property markets in 2020.