Crown Realty Partners and Crestpoint Real Estate Investments have acquired a city block in downtown Toronto.

The property, which contains the two-building, 417K SF Dundas-Edward Centre and a 303-stall parking building, is east of University Avenue and near the St. Patrick subway station and the downtown financial district. The buildings are 92% leased.

“We are excited to complete another acquisition with our partners at Crown as we work together to elevate the profile of this prominent site in downtown Toronto and unlock its inherent value,” Crestpoint Vice President of Asset Management and Acquisitions Max Rosenfeld said in a news release.

Crown and Crestpoint previously teamed up to acquire Markham's Allstate Corporate Centre for $148.6M in 2016.

The new owners plan several improvements to the downtown property. Immediate upgrades include modernizing common spaces as well as the parking structure.

“We see an opportunity to add value to the properties through building and tenant upgrades and a renewed leasing strategy,” Crown partner Emily Hanna said.

Crown will act as the property manager at the new acquisition.