Canderel 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 12 storey mixed-use retail and office building at the corner of Portland Street and Richmond Street West is the largest office building in Toronto’s rapidly developing Downtown West live-work neighbourhood. The building has just over 285,000 square feet of office and retail space.
In the past ten years, there have been 83 residential condominium projects built in this neighbourhood. Completed in 1988, the distinctive office tower was originally designed for tenants in the fashion industry, but recently the tenancy has evolved to include services and high-tech businesses. The large 25,500-sq.-ft. floor plates are unique in the downtown west side.
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 properties including 1075 Bay Street, 777 Bay Street and 130 Bloor Street West.