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.”
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.
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:
Phone: +1 514 842-8636
Phone: +1 514-941-6696