Fengate announced today financial close on the acquisition of Concorde Corporate Centre in Toronto. Fengate is managing this acquisition and asset on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LPFCEC).
Concorde Corporate Centre is a Class A office complex, totaling 567,619 square feet and located in a critical and evolving office node at Don Mills and Eglinton in Toronto. Spanning 7.7 acres, the property consists of three office towers, 1 and 3 Concorde Gate (connected) and 12 Concorde Gate, all of which are designated BOMA BEST Gold.
“The Concorde Gate office community is well located along several transit nodes and is complimentary to the 175 Wynford acquisition in Toronto that we made earlier this year,” said Jaime McKenna, Managing Director, Group Head of Real Estate, Fengate. “This has been a busy year in real estate for the Fengate team, and we look forward to working with this impressive property with a focus on continued excellence, on behalf of our investors.”
“LiUNA is proud of this important investment in the Toronto region, with our pension fund investing in the continued economic growth of our country’s largest urban and business centre,” said Joseph Mancinelli, LiUNA International Vice President and Regional Manager for Central and Eastern Canada. “Concorde Corporate Centre is a high-profile, high-quality real estate investment for LiUNA that is an excellent addition to our members’ pension fund’s extensive portfolio.”
The location of the complex offers numerous transit options. Upon completion of the Eglinton Crosstown LRT, the property will provide pedestrian access to the downtown core via the LRT’s connections to GO Transit and the Toronto Transit Commission. The final stop of the proposed Ontario Line, at the Ontario Science Centre, is located within one kilometre, connecting the node throughout the Greater Toronto Area (GTA). The site also offers convenient pedestrian access to residential neighbourhoods, amenities and ample greenspace, and vehicular access to Highway 401, the Don Valley Parkway, and Gardiner Expressway.
With this purchase, Fengate will assume asset management, property management and development opportunities for the property.