- What The Jilani Group offloaded 5100 Orbitor Drive for $9.3m
- Why The off-market deal closed on April 1
- What next The buyer intends to occupy one of the floors
The Jilani Group has sold a suburban Toronto office building for $9.3m, Green Street News can reveal.
A private buyer picked up 5100 Orbitor Drive in an off-market deal that closed on April 1. Colliers had the assignment. The valuation for the 35,000 sq ft building is $265/sq ft.
The buyer, a numbered Ontario company, intends to occupy the fourth floor. Other tenants include Binatech System Solutions, QSpiders Global and Seaport Group.
5100 Orbitor Drive was completed in 1989 and renovated in 2022. Recent upgrades have been made to the exterior, elevators, lobby and HVAC systems. Smart building features have been incorporated and there is underground parking.
The building is in the Airport Corporate Centre submarket near the intersection of Orbitor Drive and Eglinton Avenue West.
It’s within a kilometre of Highway 401 and Toronto Pearson International Airport, and within 6 km of Kipling Terminal and Highways 403 and 427. MiWay and GO Transit run nearby.
The office vacancy rate in the Airport Corporate Centre was 11.5% in Q1, below the Greater Toronto Area average of 13.1%, Colliers said in a recent report. The weighted average asking net rent stood at $18.90/sq ft.
