Allied Properties REIT Assists in the Creation of a Long-Term Occupancy Solution for Artists

Allied Properties REIT announced that it has entered into a conditional letter of intent with Pied Carre for approximately 212,000 square feet square feet of space at 5445-5455 de Gaspe, Montreal, for a term of 30 years at net rental rates that escalate annually. The term will commence on November 1, 2013. Pied Carre is an established and well organized artists' collective based in Montreal's Plateau Mont-Royal.
"This is the outcome of extensive collaboration between ourselves, Pied Carre, the Borough of Plateau Mont-Royal and the City of Montreal," said Michael Emory, Allied's President & CEO. "It will afford long-term stability to the artistic community in the Plateau, while simultaneously enhancing the upgrade of our de Gaspe properties."
Once finalized, the lease will involve approximately 30,000 square feet of gallery space on the ground level of 5445-5455 de Gaspe and approximately 182,000 square feet of studio space on the 3rd, 4th, 5th, and 6th floors of 5445 de Gaspe. 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.
"We're very close to finalizing a multi-win transaction, one that benefits our unitholders, the artistic community, the Borough of Plateau Mont-Royal and the City of Montreal," said Jean-Francois Burdet, Allied's Regional Director for Eastern Canada. "We're proud to be part of the process, and we'd especially like to acknowledge the extraordinary contribution of the other participants."

on November 5, 2012