- What Infrastructure Ontario has retained JLL to manage a request for proposals
- Why The government agency has a budget of approximately $100m for acquisitions
- What next Infrastructure Ontario is eyeing properties with at least 200,000 rentable sq ft valued at less than $500/sq ft
Infrastructure Ontario is looking to acquire office buildings in Toronto, Green Street News can reveal.
The government agency has retained JLL to manage a request for proposals, with submissions due on Oct. 17.
Infrastructure Ontario is seeking buildings with at least 200,000 rentable sq ft that have an estimated value of less than $500/sq ft. Based on those specifications, the agency has a budget of approximately $100m.
Infrastructure Ontario must be able to occupy at least 60% of the office space within five years, and 100% of the space within 10 years, without cost.
Properties should be located within the City of Toronto’s post-amalgamation boundaries, which include Scarborough, North York and Etobicoke. They must be within 850m of a subway station and/or less than 7km from a major highway.
In June, Infrastructure Ontario began the process of acquiring 438 University Avenue from Dream Office REIT for just under $105m, as reported by Green Street News. The agency is an anchor tenant in the Class-A building. TD Cornerstone Commercial Realty and CBRE had the assignment.
