Ashlar Urban Realty Inc.

Ashlar Urban Realty Inc.

December 16, 2009 11:30 ET

Ashlar Urban Brokers Investment Building in Toronto's Downtown East

Unique Property Provides Prime Development Opportunity

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2009) - Whiterock Real Estate Investment Trust has further expanded their portfolio with the acquisition of 49 Ontario Street, an 87,105 square foot office building located in Downtown Toronto. Ashlar Urban brokered the sale of this unique asset consisting of a fully-leased, recently renovated seven-storey contemporary office. The property is further improved with a nearly 23,900 square foot parking area, providing a potential opportunity for a high-density residential development in Toronto's burgeoning Downtown East. The transaction was reported at $16.8 million CDN.

Craig Smith, Broker of Record and President, and Fraser McKay, Sales Representative with Ashlar Urban Realty Inc. connected the buyer and the seller on this exclusive transaction that came together completely off market.

"The property provides Whiterock an exceptional opportunity. Firstly, its stable tenancy offers the security of consistent cash flows." said Craig Smith, "Secondly, as the city's stock of infill development sites within close vicinity to the core continues to shrink; 49 Ontario Street's development potential makes it an excellent asset in which to benefit from the strong housing demand."

The building's primary tenant, Technicolor Creative Services Canada, a subsidiary of Thompson Multimedia, the number one provider of distribution and post-production services to the film, television, and gaming industries in the world, occupies nearly 90% of the building. Technicolor has an 8 year remaining lease term. There are two other tenants occupying the balance of the space.

Ashlar Urban is a full service real estate firm located in Toronto, Ontario and the Toronto area representative for NAI Global, the world's largest managed network of real estate service-providers comprising 5,000 brokers in 325 offices serving in 55 countries throughout the world. Ashlar Urban's professionals represent clients in all aspects of commercial real estate including multi-site acquisitions and dispositions, sublease, tenant/landlord representation, lease administration/audit, investment services, and consulting and advisory services. To learn more, visit www.ashlarurban.com.

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