Wal-Mart Canada Signs Long-Term Deal With Plaza Cote des Neiges

MONTREAL, QUEBEC--(Marketwire - Oct. 6, 2011) - Tower Building Management is pleased to announce that Wal-Mart Canada has signed a long-term deal to become a tenant at Plaza Cote des Neiges, a shopping mall located at 6700 Cote des Neiges in the centre of Montreal. In the deal, Wal-Mart assumed and extended the lease, and will take over the existing prime space occupied by the Zellers store.

Wal-Mart is expected to move in and start operating at the Plaza Cote-des-Neiges mall sometime in 2012. The current site is approximately 75,000 square feet.

"We're very excited with the deal, since it fits our way of operating. We like to add value, and Wal-Mart will change the dynamics of the Plaza in a very positive way," said Joel Weber, president of Tower Building Management, a Montreal-based property-management firm

"This deal will give us the potential to attract other major tenants," added Weber. Tower Building Management, which added Plaza Cote des Neiges to its portfolio of properties under management in November 2010, has earmarked between $7 million and $10 million over the next three years to modernize the indoor mall. This includes upgrading the common areas, security and the parking lot.

Plaza Cote des Neiges has been operating for more than 35 years. It currently has more than 100 tenants, including Canadian Tire, Marché Fu Tai, La Source and a CinéStarz movie theatre, as well as a medical clinic, dental clinic, and a daycare. The district of Cote des Neiges is one of the most densely populated and ethnically diverse neighbourhoods in Canada, boasting more than 100 different ethnic communities.

About Tower Building Management

Tower Building Management is a privately held Montreal-based property management firm that was founded in 1988. Its founding partners are Joel Weber and Nathan Pollak. Tower Building Management was responsible for the conception and update of both the Nordelec and Ubisoft buildings, both former industrial sites.