LaSalle Investment Management Buys Burlington Office Complex
LaSalle Investment Management has acquired a portfolio of four office buildings in Burlington. The 435k SF complex—1100 Burloak Dr (above) and 5575, 5515 and 5420 North Service Rd (below)—is 83% leased to tenants that include TD Bank, Royal Bank of Canada, Sodexo Canada, Certas Insurance, London Life Insurance, and several rapidly growing tech firms. The deal represents LaSalle’s return to Burlington, where over the past decade it’s developed, leased and sold more than 1.3M SF of office and distribution space, notably UPS Canada's HQ and regional distribution centre.
The complex, re-branded Burloak Towers, is managed by Crown Property Management, which is working with LaSalle to reinvent the site through substantial capital investment. In 2016, look for new roofs, parking lot upgrades, and modernization of lobbies and common areas. Plans also call for additional collaborative tech hubs and touchdown to promote employee interaction. LaSalle and Crown have teamed up on several GTA office projects, including the makeover of 901 King St W, now home to Deluxe Entertainment and Quadrangle Architects.