Shopify Lease Deal Triggers Launch Of King-Portland Centre
Allied Properties REIT and RioCan REIT said yesterday they're proceeding with development of 602-620 King St W, aka King-Portland Centre, after signing Shopify Inc as its anchor tenant. The e-commerce firm is taking 112k SF, or 44% of the complex’s total office GLA. Boasting 61,608 SF of land with frontage on King West, Portland Street and Adelaide Street West, the site includes a restored heritage structure, 602-606 King West, a rental property that’s fully leased. A new development is planned for the adjacent land, extending from King West through to Adelaide West.
The new structure will be integrated with the existing property at 602-606 King. It will include 255,565 SF of office and 13,035 SF of retail fronting King West, plus 116 rental residential units along Adelaide West. King-Portland Centre's office and retail components will target LEED CS Platinum. Preliminary site work has begun. Allied and RioCan each own an undivided 50% interest in the rental and development properties. Upon completion of the project, slated for early 2019, Allied will manage the office component and RioCan will manage the retail and residential.