Allied Properties provides development update

Allied Properties (APYRF) Real Estate Investment Trust provided an update with respect to pending completion of the final two ground-up developments in its development pipeline: M4 of Main Alley Campus, 108 East Fifth Avenue in Vancouver; and KING Toronto, 489-539 King Street West in Toronto. “Completing the large, multi-city development pipeline we initiated in 2012 has materially enhanced our ability to serve knowledge-based organizations,” said Michael Emory, Founder and Executive Chair. “We now have a much broader base of high-quality office and retail tenants, an expanded range of workspace options and greater concentration in stronger and larger mixed-use, amenity-rich urban neighbourhoods.” Mount Pleasant is a mixed-use, amenity-rich, urban neighbourhood in Vancouver. It has become a premiere office node for knowledge-based organizations in downtown Vancouver over the past decade. Main Alley Campus in the heart of Mount Pleasant was conceived and developed by Westbank and will consist of five buildings. M1 is a two-storey office building owned by Westbank and a partner and located at 2015 Main Street. M2 is an eight-storey office building now owned by San Francisco-based Spear Street and located at 114 East 4th Avenue. M3 is a three-storey office building with data-centre potential owned by Westbank and a partner and located at 111 East 5th Avenue. M4 is a nine-storey office building with 204,000 square feet of GLA to be fully owned by Allied by the end of the third quarter. M5 is a planned 25-storey mass timber rental tower on what is currently the surface parking lot of M1. Netflix is the principal tenant of M4 with 110,600 square feet of workspace currently being built-out for active occupancy. M4 is now 77% leased. Allied expects to finalize a lease-expansion agreement before closing that will bring M4 to 90% leased, consistent with its overall outlook for leased area at the end of 2025. Rent from M4 is scheduled to commence in early 2026. King West Village is a mixed-use, amenity-rich, urban neighbourhood in Toronto. It has been a premiere and growing office node for knowledge-based organizations in downtown Toronto for the last two decades. KING Toronto was conceived and developed by Allied and Westbank and will consist of 440 residential condominium units over 16 storeys, 80,000 square feet of office space on the second and third storeys and 120,000 square feet of retail space at and below grade. Allied and Westbank expect to complete the development by the end of 2026. Allied and Westbank have recently finalized a 20-year lease with Whole Foods Market for 28,291 square feet of retail space below grade and 4,587 square feet at grade. Whole Foods Market will enrich user experience at KING Toronto and across King West Village as a whole. With a compelling anchor in place, Allied and Westbank are now implementing a comprehensive and neighbourhood-specific leasing plan for the commercial component of KING Toronto.