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Indigo Books & Music has inked a deal with Allied Properties REIT and RioCan REIT to lease 79k SF over four floors at King Portland Centre (620 King St W) for its new HQ. The lease (15 years and six months) brings total leased area for KPC’s office component to 75%. Allied CEO Michael Emory called Indigo — whose current head office occupies all of Allied’s 468 King St W — a “pioneering tenant at King and Spadina.” Upon the book purveyor’s 2018 departure for KPC, Allied plans to upgrade 468 King and reposition the ground and basement floors for retail, aiming to boost NOI.
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King Portland Centre, anchored by Shopify, will have 256k SF of new office space, 13k SF of retail and 116 rental-residential units fronting Adelaide Street West. The development extends from King north to Adelaide, and will feature a new structure integrated with a restored heritage property at 642 King St W. The site has over 79k SF of frontage on King West, Portland Street and Adelaide. Occupancy is slated for 2019, and the project is targeting LEED CS Platinum. Allied will manage KPC's office component, and RioCan the retail and residential components in a 50/50 JV.
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