Menkes Developments Ltd. is pleased to announce that BentallGreenOak, on behalf of Sun Life Assurance Company of Canada, has acquired a 50% interest in the Waterfront Innovation Centre, a 475,000-square-foot office and retail development which neighbours Sugar Beach on Toronto’s eastern waterfront. Sun Life, a longstanding partner of Menkes, is currently a partner at the Company’s landmark One York Street office tower (also known as the Sun Life Financial tower) in Toronto’s South Core.
The Waterfront Innovation Centre, which broke ground in September 2018, is currently 71% pre-leased, with some notable tenants already on its roster. In 2018, the Company entered into a lease for approximately 260,000 square feet with WPP plc, a global leader in communications services, as the building’s anchor tenant. Menkes also announced in September 2018 that MaRS, Toronto’s fast-growing innovation community, will lease an approximate 55,000-square-foot hub. The building will also include approximately 25,000 square feet of beachfront retail space that is currently available for lease.
“This partnership will further expand our relationship with Sun Life, a valued partner since 2014,” said Peter Menkes, President, Commercial/Industrial. “With One York Street, we reconnected Toronto’s downtown to the waterfront with improved pedestrian infrastructure and a dynamic amenity offering. The Waterfront Innovation Centre represents another city building opportunity for Menkes and Sun Life to revitalize Toronto’s waterfront for the benefit of tenants, residents and visitors to the city.”
“We are pleased to expand on our successful partnership with Menkes through the acquisition of the Waterfront Innovation Centre,” said Christina Iacoucci, Managing Partner, Portfolio Management at BentallGreenOak. “This opportunity allows us to continue to support the growth of Toronto’s emerging Downtown South node and build on the vibrant live, work, play community that has emerged on Toronto’s waterfront. It also further demonstrates Sun Life’s commitment to being a long-term investor in Canada’s top cities.”
The state-of-art complex designed by architects Sweeny & Co, will be comprised of two buildings, with three distinct but interconnected components: The Exchange, The Hive, and The Nexus, a collaboration space that will serve as a public square and directly connect the two buildings. It will offer ultramodern amenities, including high-speed broadband networking (fuelled in part by self-generating solar power), floor-to-ceiling windows and expansive collaboration spaces. The complex will further drive economic development with the creation of nearly 3,000 jobs.
Construction of the complex commenced in August 2018 and is well underway. Expected occupancy is 2021.
Menkes Developments Ltd. is an award-winning, fully integrated real estate company involved in the construction, ownership and management of office, industrial, retail and residential properties. Founded in 1954, the company is one of the largest private developers in Canada, with a primary focus in the Greater Toronto Area. Menkes is known for its innovative, multi-disciplinary approach and particularly for its expertise in large-scale, mixed-use development. Past projects include the Empress Walk entertainment, shopping and residential complex in North York City Centre, and two landmark projects in Toronto’s South Core district, 25 York (TELUS Harbour) office tower and the two million square foot One York commercial retail complex. The company’s latest project Sugar Wharf is a waterfront community on an 11.5 acre site in downtown Toronto, which will be anchored by a new two-acre park.
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $49 billion USD of assets under management (as of December 31, 2019) and expertise in the asset management of office, retail, industrial and multi-residential property across the globe. BentallGreenOak has offices in 24 cities across twelve countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above include real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates.
About SLC Management
SLC Management is a global institutional asset manager that offers institutional investors traditional, alternative, and yield-orientated investment solutions across public and private fixed income markets, as well as global real estate equity and debt.
SLC Management is the brand name for the institutional asset management business of Sun Life Financial Inc. (“Sun Life”) under which Sun Life Capital Management (U.S.) LLC in the United States, and Sun Life Capital Management (Canada) Inc. in Canada operate.
BentallGreenOak is also part of SLC Management and is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services.
As of December 31, 2019, SLC Management has assets under management of C$227 billion (US$175 billion).
TORONTO, April 29, 2020