Select Page
Canderel Is Proud to Announce That Constitution Square Has Achieved a Milestone in Its Property Management in Ontario

Canderel Is Proud to Announce That Constitution Square Has Achieved a Milestone in Its Property Management in Ontario

Constitution Square becomes the first office complex in Ottawa to receive a Fitwel certification. With this latest certification, Constitution Square is now triple certified with LEED Platinum, Wired Certified Gold and Fitwel.

Fitwel

Fitwel is an independent commercial building rating system that evaluates buildings on how well its owners and property managers are endorsing and encouraging occupant health & well-being. This is a result of a joint initiative between the U.S. Centers for Disease Control and Prevention (CDC) together with the General Services Administration (GSA).

The certification, from the Center for Active Design (CfAD), showcases the value-add approach Canderel brings to property management. With an aim to add value to the building community – this means being invested in the health and safety of our tenants and occupants and staff. The COVID-19 crisis has proved to be a time where the underlying commitment to tenant health and safety is crucial for property managers around the world.

In awarding this certification, Fitwel highlighted the motivational signs placed in the staircases within the entire 3-tower complex as well as the exemplary cleaning protocols that are so critical during the COVID-19 crisis. These initiatives were implemented to both promote physical activity of the tenants and increase and ensure safety. This certification reflects our investment as commercial property managers to the comfort, protection & wellbeing of those who work and live in the commercial real estate we manage.

LEED® Certification

In addition to the Fitwel Certification, Constitution Square renewed its LEED® Platinum certification for existing buildings. LEED® (Leadership in Energy and Environmental Design) is the primary rating system in the world for sustainable buildings. It enhances efficiency, ensures cost savings and reduces health issues. This certification underscores Canderel’s dedication toward operational excellence and the management of sustainable buildings in which to work and live.

Wired Certified

Wired certification is another goal for many property management companies and real estate investors in Ontario. This is the only rating system for commercial buildings that evaluates access to high quality internet connectivity and the likelihood of interruptions or loss. The certification is currently only available to commercial and industrial buildings.

In today’s world, digital connection is of critical importance. As a property manager, the building should have the availability of multiple service providers who operate under various cabling, including fiber.

All three buildings within the Constitution Square Complex are Wired Certified Gold. With this high certification level, our tenants can expect exceptional access to broadband providers with choices for their ISP service. It also affirms the security measures taken and the appropriate physical distribution of fiber to current and future occupants.

Taken together, the Fitwel, LEED® and Wired certifications reinforce Canderel’s expertise as property managers in Ontario and value add approach to property management. We take our position as property managers and property owner-partners seriously and bring an outstanding level of responsibility to the community in the areas of technologic, safety, cleanliness, and environmental stewardship.

Canderel’s Fast Action Secures Promising Asset

Canderel’s Fast Action Secures Promising Asset

During this period of uncertainty, many businesses are struggling to stay float, to get project completed, or to unload projects to alleviate financial burden. With Canderel’s recently launched Corporate Knights Initiative, we want to extend our support and assistance with solutions that are designed to ensure our clients’ success in their endeavours. Our experts can step in to assist clients in managing portfolios, advancing diligence, building pipelines, overseeing new investments or servicing ongoing projects. A prime example of some of the solutions we provide is our ability to quickly obtain capital to move projects forward, as we did for an exciting project in Montreal. Moving Fast to Acquire the Property  Some time ago, Canderel had explored the possibility of acquiring a mixed-use building at 6600 Saint-Urbain Street in Montreal, but the negotiations were inconclusive. In the midst of the COVID-19 pandemic, we learned that the vendor was amenable to a reduced price provided a transaction could be completed very quickly. Being an entrepreneurial firm with a solid understanding of the local sub-market Canderel was able to turnaround quickly to complete this acquisition. How Canderel Got it Done Canderel took immediate action to mobilize the team who worked simultaneously on various aspects of this acquisition. Fortunately, we had already completed various inspections when we had the property under contract in 2018 which allowed us to be comfortable with the truncated 15-day DD period. Critical to the success of the transaction was our ability to close an “all cash” deal. We worked tirelessly to model the future performance of the building and we stress tested our proforma to ensure we had a clear understanding of any downside related to a slower post-pandemic market.  The Resulting Benefits  Having acted quickly on this acquisition gave Canderel an opportunity to acquire an asset of scale in the highly sought-after Mile-Ex neighborhood. The area has demonstrated strong fundamentals to support sustained growth in office demand. Building on the success of our 6795 Marconi project and the proposed development of 155 Beaubien, the acquisition secured Canderel’s position as a leader in this node. Given Canderel’s future redevelopment of 155 Beaubien, the acquisition also allows us to secure a stronger foothold of an entire city block. The combined holdings offer Canderel potential synergies and economies of scale and flexibility to carry out each asset’s business plan. This optionality includes swing space, shared parking facilities and an expanded partnership opportunity. Moreover, the scale of the two acquisitions and the difference in their respective rental rate pricing puts Canderel ahead of competitors for future leasing inquiries. The Advantages of Working with Canderel  There are many ways in which Canderel can leverage its expertise to benefit our clients.

  • Our fast reaction time— Our ability to quickly underwrite and detect an opportunity that wasn’t evident to the greater market. 
  • Our impeccable reputation— Beyond Canderel’s reputation on the market, we have cultivated many relationships that offer a variety of opportunities. Vendors know that we value our reputation, will follow through on our commitments and have the financial resources to execute and thus, have confidence to transact with us.
  • Our ability to work under abbreviated timelines — Our team of experts worked diligently to complete this significant transaction in a very short timeframe.
  • Our knowledge of the market — Our prior extensive knowledge of the Montreal market and our faith in its ability to recover post-COVID was a significant factor in our decision to pursue this opportunity. Our past research showed that the Montreal tech scene will continue to materially grow over time making this opportunity ever more attractive. 
  • Our negotiation skills — While several competitors were submitting offers and circling the property, we managed to keep the vendor engaged. We never waivered from our offered price but had to come to terms on several other issues. We were able to come up with creative ways to deal with the vendor’s issues and deal with the estoppel terms that, if not met, would result in discounts on the purchase price. We were able to create a well-crafted Offer to Purchase and Agreement of Purchase and Sale document that all parties eventually agreed to. 

Proven solutions for our clients The advantages of working with Canderel — from our extensive knowledge of Canadian markets, our stellar reputation in the industry, our strong negotiation skills, and our ability to quickly secure capital and close on opportunities— ensures our clients are in good hands. Take advantage of all the services Canderel has to offer through the Corporate Knights Initiative. We are here to help.

Contact us to discuss your property opportunities or to find our more about how we can help.

As always we remain invested in your success.  

Canderel purchases 6600 Saint-Urbain and continues to expand its presence in Montreal’s dynamic Mile-Ex neighbourhood

Canderel purchases 6600 Saint-Urbain and continues to expand its presence in Montreal’s dynamic Mile-Ex neighbourhood

Canderel announced today that it has completed the acquisition of 6600 rue Saint-Urbain (“6600 Saint-Urbain”), in Montreal. 

Canderel operates as both an owner and manager of real estate assets with a portfolio that includes over 23 million square feet of assets under management, across all asset classes, spanning the six major Canadian markets. Canderel has been actively looking for and investing in opportunities to acquire key assets in the heart of Mile-Ex, a global hub for companies focused on artificial intelligence (AI) research.  With the addition of 6600 Saint-Urbain, Canderel’s footprint in the Mile-Ex is now in excess of 350,000 square feet, with an office development projected on the horizon that will increase their holdings in the area to over 600,000 square feet. 

The Mile-Ex area of Montreal has recently emerged as a sought-after destination for companies focused in AI research and technologies. The area has demonstrated strong fundamentals to support sustained growth in office demand and hosts the Montreal offices of key industry players, including but are not limited to Element AI, Mila, Facebook and Microsoft Research Montreal. 

Canderel has a high level of confidence for the demand for office space in this sector of the city and the long-term need for offices, particularly for knowledge-based industries. Despite the timing of the purchase opportunity, at the peak of the COVID-19 crisis in April, Canderel pursued the transaction and is committed to its repositioning program for the building. 

“The Mile-Ex is an increasingly sought-after destination for office space due to its accessibility, creative energy and mix of trendsetting restaurants and cafés. The area has experienced tremendous growth over the past several years and a cluster of world-leading artificial intelligence and technology-based companies have ignited an ecosystem of innovation and collaboration,” says Brett Miller, CEO of Canderel “Combined with our 6795 Marconi development project and our future redevelopment of 155 Beaubien, the acquisition of 6600 Saint Urbain allows Canderel to attract a diverse array of tenants to this robust and expanding neighbourhood.”

 

6600 Saint-Urbain

Once a textile factory, 6600 Saint-Urbain now serves as a multi-tenant mixed-use industrial and loft office complex totaling just over 157,000 square feet. The property offers large and efficient floorplates, with access to natural light and a design that’s inherently adaptable to fit the needs of modern office tenants. The property is being evaluated for several capital improvement projects, including sustainability-based innovations and aesthetic improvements that will materially embellish both exterior and interior components of the property. 

About Canderel 

Canderel, operating in Canada’s six major markets, is a leading national real estate firm and service provider focused on creating long-lasting relationships with partners and clients by providing exceptional value in property acquisition, development and management, construction, leasing, marketing and asset management. 

 

For learn more about 6600 Saint-Urbain, please click here or contact:

Brett Miller
CEO
Phone: +1 514 842-8636
Email: bmiller@canderel.com

Bradley Birks
Vice-President, Leasing
Phone: +1 514-941-6696
Email: bbirks@canderel.com