510 Seymour office building is now officially FITWEL CERTIFIED!
Congratulations to the Canadian Urban team involved in achieving this
19 January 2024
Canadian Urban Limited (“Canadian Urban”), a national real estate investment manager, recently completed two creative office lease transactions in a Class A 86,463 SF flex-office building located at 1415 Joshuas Creek Dr, Oakville, ON (“Property”).
In Q2 2023, Canadian Urban was approached by Atura Power, an existing tenant, with a desire for additional space for their growing business. Atura Power operates Ontario’s largest fleet of combined-cycle turbine gas plants and plays a crucial role in the province’s electricity system. The Property was 100% leased, with no expansion space available. Contemporaneously, another existing tenant (“Tenant B”) with a long-term lease expressed their desire to sublease or downsize.
Canadian Urban’s discussions with both tenants resulted in a successful transaction that met the needs of both tenants. The smaller tenant was relocated to the larger premises, expanding their footprint 3.8x from 5,700 SF + to 21,900 SF +. The tenant also extended their lease term. Similarly, Tenant B was relocated and able to right-size for their current operational needs.
By collaborating with both tenants, Canadian Urban avoided either tenant relocating to off-site premises. The transaction also resulted in a longer WALT for the property.
Further, sustainability and minimizing the carbon footprint were factors in the decision criteria for all stakeholders. With embodied carbon of furniture being a significant contributor to climate change in the context of interior retrofit projects, a furniture agreement was negotiated whereby each tenant agreed to purchase and use the others’ furniture in their respective premises, thereby eliminating any carbon associated with new furniture or disposal of the old, in addition to the benefit of avoided moving costs. The success of the lease transactions is attributed to all stakeholders taking a collaborative and transparent approach to create this win-win solution.
The tenants were represented by office leasing agents Chris Burans, Colliers International, and Michael Navo, Jones Lang LaSalle, respectively.
As the office sector continues to evolve due to the changing needs of the tenants, Canadian Urban is also adapting specific office assets to allow for greater flexibility. Improvements such as collaboration spaces, tenant amenity lounges, fitness, private telephone booths, meditation rooms, and food amenities are all being explored. Canadian Urban Limited and both tenants are incredibly pleased with the outcome, which met and exceeded each stakeholder’s expectations.
About the Property:
1415 Joshuas Creek is a two-storey 86,463 SF Class A multi-tenant flex office property strategically located with access to Highway 403 and QEW. It benefits from direct connectivity to the regional transit system (Oakville Go-Station). The Property is within walking distance of various retail amenities, including grocery, restaurants, daycare, and fitness in immediate proximity. The tenants in the building also enjoy the benefit of numerous walking and biking trails in the forested parkland. The Property is LEED Silver and Fitwel Certified, featuring EV charging stations, a white roof, and solar panels that are expected to be installed soon.
About Atura Power:
Atura Power, a subsidiary of Ontario Power Generation, is Ontario’s largest fleet of combined-cycle turbine gas plants. The company operates plants in Windsor, Halton Hills, Toronto, and Napanee. Atura Power plays a key role in the province’s electricity system and diverse generation supply. Atura’s flexible energy is readily available during peak demand periods, which is important given the intermittent nature of solar and wind power. Atura Power is also playing a leadership role in establishing the supply of low-carbon hydrogen in Ontario to help the province move towards a net-zero future.
About Canadian Urban Limited:
Founded in 1971, Canadian Urban is an innovative and disciplined real estate investment manager with a 53-year history and a diverse and strategic portfolio of industrial, office, retail, and multi-family properties across Canada. Canadian Urban delivers on its track record of achieving superior risk-adjusted returns for institutional and private wealth clients through its entrepreneurial spirit, ability to respond quickly, long-term relationships and keen market insights. Since its inception in 2000, the Morgan Stanley Capital International (MSCI) Canadian Real Estate Index ranked Canadian Urban 1st in income returns versus all real estate fund managers. Its clients include major pension funds, endowment funds and select private wealth clients. Canadian Urban offers clients services including Investment Management, Asset Management, and Property Management. To learn more about Canadian Urban’s latest opportunity, the Canadian Urban Real Estate Fund 7 (CU7) or the company, visit www.canadianurban.com or follow Canadian Urban on LinkedIn.
Media contact:
Jay Hamilton, CPA, CA
President
Canadian Urban Limited
(e) jhamilton@canadianurban.com
(t) 780.424.7722
SOURCE Canadian Urban Limited
Legal disclaimer and forward-looking statements:
This communication is for information purposes only and under no circumstances is to be construed as an invitation to invest in any investment vehicles managed by Canadian Urban Limited. Past performance may not be repeated. Investing in real estate involves significant risks and the value of an investment may go down as well as up. There is no guarantee of performance. An investment in Canadian Urban’s investment funds is not intended as a complete investment program and should only be made after consultation with independent investment and tax advisors.
Congratulations to the Canadian Urban team involved in achieving this
Jay Hamilton, President of Canadian Urban Limited is pleased to
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