Toronto Commercial Real Estate News - March 2010

Maple Leaf Gardens reno to supermarket retains arena features When the puck drops at Maple Leaf Gardens' new centre ice, fans will find plenty to remind them of the rink's past glories, say the two men chosen to refurbish part of the landmark arena. The huge lights that lit the Leafs' way to 11 Stanley Cups will be back in place, fitted with energy-saving technology. The rafters they hang from will be the same. Globe and Mail Mon Mar 01 2010

Canadian commercial real estate: not very green - Real Property Assocation of Canada A new report finds the Canadian commercial real estate industry is playing catch-up with respect to environmental, social and governance issues when compared to international peers. The Canadian Commercial Real Estate Sustainability Intelligence Report evaluates the ESG performance of 18 of Canada's largest commercial real estate companies and compares them to some of their international peers. Canada News Wire - REALpac Thu Feb 18 2010 - Globe and Mail

Landlords keeping tax breaks, tenants say For Prabir Kar, the fight over $18.61 was a matter of principle. In December, he received a notice from the city, one of 128,000 sent to tenants across Toronto, telling him he was eligible for a rent reduction because his landlord had gotten a break on property tax. But when he paid January's rent $961.06, down from the $979.67 he had paid the month prior he says his landlord returned the cheque. Your Home Wed Mar 03 2010

Tim Hortons to open 600 new Canadian stores - Tim Hortons - THI-T Tim Hortons Inc. said on Friday it plans to open 900 new locations in North America, 600 in Canada, over the next three years and test-drive a "dramatic" new makeover for some its locations. The company has outlined its objectives and outlook in 2010, headlined by a plan to grow Canadian franchised restaurant sales to more than $5-billion. Financial Post Fri Mar 05 2010

Toronto city staff oppose 45-storey King West tower Prominent Toronto architect Peter Clewes and condo king Brad J. Lamb are facing off with city planners who oppose building a 45-storey tower in the heart of the theatre district. Mr. Lamb, a prolific salesman turned developer, believes the soaring structure will be a jewel in Toronto's high-rise crown. They have teamed up with Niche Development, HarHay Construction Management to create 224 King St. W. National Post Fri Mar 05 2010

Interview: Blake Hutcheson, Chief Executive, Oxford Properties - Oxford Properties He left for two years to run the global real estate arm of New York-based Mount Kellett Capital Management, but long-time CB Richard Ellis Canada chief executive Blake Hutcheson has landed back in Toronto. Born and raised in Huntsville, Ont., the 48-year-old Mr Hutcheson, who still goes back home on weekends to play for his local lacrosse team, missed Canada. Financial Post Mon Mar 08 2010

Toronto buildings scoop up REX awards - NAIOP The leading organization for developers, owners and related professionals in office, industrial and mixed-use real estate, NAIOP, handed out nine awards in Toronto this week, highlighting the best deals made and the most striking – and often green – buildings completed. Here are the ninth annual REX awards winners: Globe and Mail Mon Mar 08 2010

Real Estate Investment Deal of the Year Awarded for Toronto Office Purchase - WhiteRock REIT - WRK.UN-T Whiterock REIT and Return on Innovation Capital Inc. as co-owners, have been awarded NAIOP's prestigious Real Estate Excellence award for Investment Deal of the Year. The award is in connection with Whiterock and ROI's acquisition of 401 and 405 The West Mall in Toronto, Ontario. This Class A multi-tenant office building with 411,285 square feet of office space is located in the heart of the GTA with major highway access. Canada News Wire Tue Mar 09 2010

Yonge and Eglinton mall plan approved A plan to transform a public square at the corner of Yonge and Eglinton into a retail mall and add floors to existing office towers won almost unanimous approval from North York Community Council yesterday. City staff endorsed the plan, saying it intensifies the corner according to city principles and provides an "improved public realm." But it has been met with opposition from people in the community. National Post Wed Mar 10 2010 - National Post (second article) - Toronto Star

Entertainment Properties Trust Completes Acquisition of the Toronto Dundas Square Project - Entertainment Properties Trust Entertainment Properties Trust completed the acquisition of the Toronto Dundas Square project, previously in receivership, by paying off senior debt of approximately $120 million Canadian. As a result of the closing of this acquisition, the Company's second mortgage note on the project has been extinguished. In conjunction with the acquisition, the Company has closed on a $100 million Canadian first mortgage credit facility with a group of banks. Market Watch Wed Mar 10 2010

Allied Properties REIT Announces Fourth-Quarter and Year-End Results for 2009 - Allied Properties REIT - AP.UN-T "With strong operating and financial results throughout the year, we demonstrated convincingly that Class I office space holds up well in a downturn," said Michael Emory, President & CEO. "We also used our strong liquidity position to propel the business forward by completing $218 million in acquisitions on more favourable than normal terms." Market Wire Wed Mar 10 2010

REITs to lead global real estate recovery - Ernst & Young Real estate investment trusts are leading other property investments out of the global economic downturn largely thanks to the resiliency of the REIT model, according to a report released today by Ernst & Young. The report, Against all odds: Ernst & Young’s Global REIT Report 2010 covers 16 of the world’s largest REIT markets and includes analysis of total rates of return, market capitalization and debt loads as well as an outlook for the global REIT sector. Earnst & Young News Release Fri Mar 12 2010 - Reuters - Globe St. - REIT.com

Regulator HQ battle: Toronto or nowhere, Ontario says Ontario is bracing for a showdown with the federal government over the province's insistence that the head office for a proposed national securities regulator must be in Toronto, home to Canada's major industry players. The new regulator would not have a head office at all, according to a proposal made by Doug Hyndman, the former chairman of the B.C. Securities Commission in charge of designing it. Globe and Mail Thu Mar 11 2010

Nothing to fear from teleworking How many people today work entirely in the office on a 9-5 basis? As mobile data services enable workers to plug into their office from anywhere, more of us are beginning to work on the road, or from home. According to the latest Statistics Canada data, 1.4 million employees in this country work at home at least part of the time. Financial Post Wed Mar 17 2010

Underwater line would take power to New York A Toronto company is behind an ambitious plan to build an underwater power transmission line down Lake Champlain and the Hudson River, taking electricity from Quebec to New York City. The innovative project is the brainchild of Transmission Developers Inc., a company created by former Bay Street investment banker John Douglas. Globe and Mail Thu Mar 18 2010

Real estate agents to vote on new rules Real estate agents are making a last-ditch effort to stave off pressure from the Competition Bureau by voting Monday on an overhaul of the way Canadians buy and sell homes. Agents could find their job descriptions dramatically rewritten as the Canadian Real Estate Association votes on changes that would allow individuals to handle a greater portion of home sales on their own. Globe and Mail Mon Mar 22 2010 - Financial Post 'Tenants from hell' avoid rent, leave trail of debt If Gregory or Suzanne Williamson knocks on your door wanting to rent your property – run. That's the advice from a group of landlords who have been stiffed, stung and strung out by a couple they have dubbed the "Tenants from Hell." They've even created a website to warn other potential victims not to fall into the same trap. Toronto Star Mon Mar 22 2010

Office vacancy rate increases leveling off - CBRE Office vacancy rates across the country continued to rise during the first quarter but the pace is slowing down, indicating that some stability may be returning to Canada's commercial real estate markets, according to CB Richard Ellis Ltd. The real estate company said the national office vacancy rate rose to 10.1% in the first quarter this year, up from 7.5% a year ago. Financial Post Tue Mar 23 2010 - Ottawa Business Journal

No name change for CN tower, owners say The owners of the CN Tower are dismissing outright a scheme by a new online used car company to pay $78-million to change the tower's name to “VG Tower.” “We have no intention right now of selling the tower – the bricks and mortar or the naming rights,” said Gordon McIvor, VP of public and government affairs at Canada Lands Company, the Crown corporation which owns the landmark. Globe and Mail Wed Mar 24 2010

Trumps Toronto tower to be most luxurious in Canada Trump International Hotel & Tower Toronto serves as an elegant new beacon for luxurious sophistication. Accentuated with an articulated spire at its peak, the Tower pays homage to classic Manhattan skyscrapers yet embraces the modern cosmopolitan flair that is distinctly Toronto. Upon completion in 2011, the 60-storey Tower will be the most luxurious hotel and residential building in Canada. National Post Fri Mar 26 2010

Brookfield Properties Completes 76,000 Square Feet of New Leasing at Bay Adelaide Centre in Toronto - Brookfield Properties - BPO-T Brookfield Properties Corp. and its Canadian-based subsidiary BPO Properties Ltd. announced today that it has executed two new leases totaling 76,000 square feet at its newest office building, Bay Adelaide Centre in Toronto. Thomson Reuters will occupy 59,000 square feet and Barclays Capital will occupy 17,000 square feet. Both leases have a 10-year term. Financial Post Fri Mar 26 2010

Toronto merchants file $100M lawsuit over St. Clair transit project The city is facing a new storm over the troubled St. Clair streetcar project, in the form of a $100-million lawsuit that casts a shadow over Toronto's massive planned light-rail expansion. Lawyer Stephen Edell, who is representing dozens of merchants and landlords along St. Clair Avenue West, yesterday issued the claim against the city, the province and the Toronto Transit Commission. National Post Fri Mar 26 2010

'Sculpted' tower slated for One Bloor A much-anticipated skyscraper is ready to break ground at Yonge and Bloor streets, developers said yesterday as they publicly unveiled plans for a "sculptural" 65-storey luxury condo tower. Proposals to build on the site have been almost three years in the making, after plans by former owner Bazis International to build an 80-storey condo complex fell apart last year. National Post Fri Mar 26 2010

Canadian REITs Poised To Continue Growth Canadian REIT stocks have continued their upward trend in 2010, with several initial public offerings buoying the market, according to the Real Estate Property Association of Canada (REALpac). In February, the S&P/TSX Canadian REIT Index rose 3.4 percent, which outpaced broader S&P/TSX Composite Index that gained 2.5 percent during the month. REIT.com Wed Mar 31 2010

Hume's Waterfront Tour: Toronto's newest beach set to open It may be called Canada's Sugar Beach, but it belongs to Toronto. Sitting at the foot of Jarvis St., south of Queen's Quay, this small facility remains a construction site. When finished, it will include a maple-leaf shaped splash pad, a sandy beach, tree-lined promenade, numerous pink umbrellas as well as two large rock outcroppings hacked out of the ground in Quebec and re-installed here. Toronto Star Wed Mar 31 2010