Canderel Management Inc.

Canderel Management Inc.

December 16, 2011 10:00 ET

Canderel's Acquisition of 555 Richmond Street West

TORONTO, ONTARIO--(Marketwire - Dec. 16, 2011) - Canderel today announced that the company has completed the acquisition of 555 Richmond Street West as part of a joint venture with Kingsett Capital on behalf of its Real Estate Growth LP No. 4 fund.

The twelve storey mixed-use retail and office building at 555 Richmond Street West is the largest office building in Toronto's rapidly developing Downtown West live-work neighbourhood. The building is a local landmark with just over 285,000 square feet of office and retail space.

"This building is premiere office space in one of Canada's most exciting neighbourhoods," said Richard Diamond, Senior Vice-President of Canderel. "Our purchase reflects Canderel's confidence in and commitment to downtown Toronto."
Located at Portland Street and Richmond Street West, the distinctive office tower was completed in 1988. Originally designed for tenants in the fashion industry, recently the tenancy has evolved to include services and high-tech businesses. The large 25,500 square foot floor plates are unique in the downtown west side.

"In the past ten years, there have been 83 residential condominium projects built in this neighbourhood," added Richard Diamond. "There are great restaurants, theatres, and stores already here. It is a great place to live and work. "

The acquisition of 555 Richmond Street West adds a major office building to Canderel's growing portfolio in the Toronto core. Canderel already has management and ownership stakes in several significant properties including 1075 Bay Street, 777 Bay Street and 130 Bloor Street West. Canderel has also developed several award-winning residential projects in Toronto including the Residences of College Park I and II, DNA 3 on King Street West, and Aura, Canada's tallest condominium development at Yonge and Gerrard, with 75 storeys.

ABOUT CANDEREL

The Canderel Group of Companies is comprised of several fully integrated, commercial real estate companies with its headquarters in Montreal. Since 1975, Canderel has grown to become one of the most successful real estate development and management organizations in eastern Canada. Founded by Jonathan Wener, Canderel has established an enviable reputation for its integrity as a major real estate development company and for its sound judgment and knowledge of the commercial, multi-residential and industrial real estate business.

Over the years, Canderel has been intimately involved in all aspects of commercial property development, including land assembly, acquisition and disposal, planning, design, construction, project management, leasing, finance, and property management, and asset management. The group's principal management and development activities are in the office, commercial, industrial and residential markets of Montreal, Ottawa, Toronto and Vancouver, in Canada. Canderel's success to date is largely a reflection of its unique ability to direct all facets of real estate projects, either on its own behalf, for its clients, or in joint venture with partners.

Contact Information

  • Canderel Management Inc.
    Michael Vilner
    Vice-President, Leasing & Development
    (416) 593-6366 ext. 4566
    (416) 593-6122 (FAX)
    mvilner@canderel.com