A cool $100M is what Allied Properties REIT paid for 555 Richmond St. The 12-storey office building (above) is adjacent to a cluster of four Allied-owned properties. Allied CEO Michael Emory tells us he couldn’t discuss the deal, but closing is expected this month. In a release, he noted that 555 Richmond, with 297k SF of GLA and 21k SF of surplus land, adds to his firm’s “large inventory of future intensification opportunities.” (That's also our excuse for not getting off the couch just yet: future intensification opportunities.)
In 555 Richmond, Allied gets a large-floor-plate alternative in a “supply-constrained” Downtown West submarket, Michael says. The office building, with a recently opened Goodlife Fitness location at its base, is 95% leased. Allied also owns nearby: 141 Bathurst, 159-161 Bathurst, 579 Richmond St. W. (pictured above) and 589-591 Richmond St. W. Combined Allied's Bathurst and Richmond properties include 28k SF of land that the firms considers “underutilized.”
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