Allied Fills 555 Richmond, Nears Completion On 485 King Reno
Synaptive is expanding by 26k SF at Allied Properties REIT's 555 Richmond St W. The property was acquired by Allied in 2014 with 15k SF of vacant GLA, and a large number of smaller tenants on month-to-month or other short-term leases. The building's now fully leased, Allied said, taking advantage of demand for large floor plates, generous ceiling height and favourable column spacing. At 180 John St, Allied said it has initiated the restoration and two-floor expansion of the building for an existing tenant who's agreed in principle to lease the entire building (50k SF).
Allied's completing the restoration of 485 King St W (above). The redeveloped 1896 property will house a 13k SF restaurant and events venue, to be operated by Uniq Lifestyle Entertainment Group. By restoring and not demolishing the building, Allied said it “expects to secure additional density” on the adjacent properties it owns to the west. Meanwhile, down at the CBC's 250 Front St W HQ, Allied says it's leased 4k SF to two global tech firms, which it expects to expand and attract additional tenants to the facility, which was 51% leased at the end of 2015.
