Allied Properties Real Estate Investment Trust Makes Room for the Arts in Montreal's Vibrant and Transforming Plateau Mont-Royal
Real Estate — April 2, 2013Allied Properties Real Estate Investment Trust Makes Room for the Arts in Montreal's Vibrant and Transforming Plateau Mont-Royal
TORONTO, ONTARIO--(Marketwired - April 2, 2013) - Allied Properties REIT (TSX:AP.UN) announced today that it has finalized a lease arrangement with Pied Carré for 208,424 square feet square feet of gross leasable area at 5445-5455 de Gaspé, Montréal. The lease premises are comprised of 28,354 square feet of gallery space on the ground level of 5445-5455 de Gaspé and 180,075 square feet of studio space on the 3rd, 4th, 5th, and 6th floors of 5445 de Gaspé. The lease has a term of 30 years commencing on November 1, 2013, at net rental rates that escalate annually. As part of the lease arrangement, Allied has agreed to complete base-building work on the leased premises, including the installation of new windows and the upgrade of the mechanical and electrical systems.
Pied Carré is an established and well organized artists' collective based in Montréal's Plateau Mont-Royal. As part of the lease arrangement, Pied Carré has agreed to complete leasehold improvements for the artists it represents and to coordinate the use and financial administration of the leased premises.
Allied is attentive to the impact of it business on surrounding communities. Its investment and development activities can have a displacing impact on members of the artistic community. As building inventory in an area is improved, the cost of occupancy can become prohibitive. Allied believes that its buildings and tenants are best served if artists remain viable members of the surrounding communities. Accordingly, Allied has allocated an appropriate portion of its rentable area to artistic uses on an affordable basis as part of its Make Room for the Arts program. What Allied foregoes in short-term rent, it more than makes up in overall occupancy and net rent levels."This is the outcome of extensive collaboration between ourselves, Pied Carré, Ateliérs Creatifs, the Borough of Plateau Mont-Royal, the City of Montréal and the Province of Quebec," said Michael Emory, Allied's President & CEO. "A wonderful example of our Make Room for the Arts program, the lease to Pied Carré will afford long-term stability to the artistic community in the Plateau, while simultaneously enhancing the upgrade of our de Gaspé properties.