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TORONTO, February 14, 2024--(BUSINESS WIRE)--Slate Office REIT (TSX: SOT.UN) (the "REIT"), an owner and operator of high-quality workplace real estate, announced today that it has signed a 15-year, 107,000 square foot lease agreement with a leading Canadian financial technology business (the "Company"), at the West Metro Corporate Centre in Etobicoke, Ontario. The Company plans to move its head office to 195 The West Mall and will occupy a significant portion of the property under the long-term lease.
"We are pleased to welcome an established and innovative tenant at 195 The West Mall," said Brady Welch, Interim Chief Executive Officer of Slate Office REIT. "This lease agreement underscores the enduring value that high-quality, well-located office assets represent for growing businesses. In a challenging office market, we have been able to increase occupancy at the property by nearly 20 percent while extending the average lease term by two years and significantly improving net operating income."
The West Metro Corporate Centre, at a total of 618,044 square feet, is one of the largest properties in the REIT’s portfolio, featuring a diverse array of local amenities, such as a restaurant, underground and surface parking, and a fitness centre. The property is located beside Highway 427, with convenient access to Highway 401, the Queen Elizabeth Way, and the Gardiner Expressway. In 2020, 195 The West Mall received Gold Status by the Building Owners and Managers Association (BOMA) in recognition of its rigorous adherence to sustainable building practices.
Chris Burans and Adam Dauphinee of Colliers represented the REIT, and Cathy Strati, Joseph Wise, and Tina Stacey of Lennard Commercial Realty represented the tenant in the transaction.
About Slate Office REIT (TSX: SOT.UN)
Slate Office REIT is a global owner and operator of high-quality workplace real estate. The REIT owns interests in and operates a portfolio of strategic and well-located real estate assets in North America and Europe. The majority of the REIT’s portfolio is comprised of government and high-quality credit tenants. The REIT acquires quality assets at a discount to replacement cost and creates value for unitholders by applying hands-on asset management strategies to grow rental revenue, extend lease term and increase occupancy. Visit slateofficereit.com to learn more.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus, and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.