Allied Properties, RioCan REIT provide leasing update for The Well

Allied Properties Real Estate Investment Trust (APYRF) and RioCan Real Estate Investment Trust (RIOCF) provided an office leasing update for The Well in Toronto. A Canadian company has agreed to lease 124,235 square feet of office space on the third through sixth floors of 460 Front Street West, an office building at The Well, for a term expiring May 31, 2037. The company will be entitled to exclusive rooftop signage on 460 Front West facing south. As a result of this and other office leasing activity, the office space available for sublease at The Well has declined to 10%. Along with the accelerating lease-up of modern office space at nearby Portland Commons, this will bring thousands of new knowledge workers to King West Village, continuing its transformation into a core office node in downtown Toronto. King West Village is a mixed-use, amenity-rich urban neighbourhood bounded by Front to the south, Spadina to the east, Richmond to the north and Bathurst to the west. Allied owns just over 2.3 million square feet of office space in King West Village, of which 1,471,555 square feet are Allied Modern, 594,254 square feet Allied Heritage and 248,916 square feet Allied Flex. Allied also owns 323,027 square feet of storefront retail space in King West Village in addition to its share of retail space at The Well.