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KingSett Acquires Etobicoke Office Tower and Stake in 2 Bloor W

Toronto Office
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KingSett Real Estate Growth and Canderel have acquired 1243 Islington Ave, a 12-storey, 110k SF office building next to Islington subway station. The transit-oriented site presents “extraordinary potential for growth,” Canderel leasing and development VP Michael Vilner says, noting that with the surge in residential construction along the Bloor-Islington node “we believe the office market will only improve and do so in the short-term.” Canderel’s portfolio of managed or owned properties in Toronto includes 1075 Bay St, 777 Bay St, 70 York St and 101 Bloor St W, plus Aura, Canada’s tallest condo.

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The Islington Avenue deal marks the end of a busy year on the buy front for KingSett Capital, which last week announced it’s acquired a 50% JV stake in 2 Bloor St W, a 455k SF, 34-storey tower at Yonge and Bloor (above), and adjoining Cumberland Terrace, a three-level, 83k SF retail complex on Cumberland Street that's set for redevelopment (both properties are co-owned by Oxford Properties Group). Earlier this year KingSett acquired the Fairmont Royal York Hotel with Ivanhoé Cambridge and InnVest REIT. It also co-purchased Toronto's Courtyard by Marriott.