A major transaction for a Markham office complex has closed for nearly $118 million earlier this week
Office space continues to be among Ontario’s most dynamic and reliable commercial asset classes, as a top-tier office complex in Markham has been acquired for $117.8 million earlier this week.
True North Commercial Real Estate Investment Trust has announced the closure of its acquisition of Trillium Executive Centre in 675 Cochrane Drive.
The building, which features approximately 368,800 rentable sq. ft., is a BOMA Best Gold certified office complex featuring three towers connected by a central atrium.
“Situated on 7.7 acres, the Cochrane Property is strategically positioned immediately southeast of the Highway 7 and Highway 404 interchange, and north of Highway 407, providing superior north-south and east-west highway accessibility and visibility,” True North stated in its announcement.
“The Cochrane Property benefits from access to the regional transit network including vivaNEXT Rapidway and GO Transit, and also benefits from easy access to three airports including, Toronto Pearson International, Billy Bishop and Buttonville. The surrounding areas offer premier services such as retail, hotels, restaurants, shopping and entertainment.”
“In the office market, investment sales activity continued at a record pace in 2019. Canada’s technology sector continued to drive demand for leased space, resulting in upward pressure on average rents, especially in downtown areas of major cities,” Morguard director of research Keith Reading told Mortgage Broker News. “Canadian office leasing fundamentals continued to strengthen against a backdrop of regional disparity, with the national average vacancy down appreciably in the first half of 2019.”
“Industrial and multiunit rental apartments are probably the two most attractive asset classes. Office is just as strong,” Reading added. “The big thing for investors is that they look at commercial real estate as a defensive asset. It’s a solid long-term investment as opposed to equities markets, where you get more fluctuation and more volatility.”
