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A view in 2009 from the first tower of the Bay Adelaide Centre in Toronto, looking at what is now the site of Bay Adelaide Centre East. (J.P. MOCZULSKI For The Globe and Mail)
A view in 2009 from the first tower of the Bay Adelaide Centre in Toronto, looking at what is now the site of Bay Adelaide Centre East. (J.P. MOCZULSKI For The Globe and Mail)

Brookfield’s Canadian REIT buys Toronto tower development from parent company Add to ...

Brookfield Canada Office Properties has acquired the Bay Adelaide Centre East development in downtown Toronto from its parent company for $602-million.

The 44-storey office tower currently under construction is expected to open in late 2015. It is 60 per cent pre-leased to anchor tenants Deloitte and Borden Ladner Gervais.

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A west tower has been open since 2009.

The subsidiary’s (TSX:) financial commitment to Brookfield Office Properties Inc. includes $170-million representing the amount invested and value created to date in the project and $350-million from a construction loan.

The deal also calls for $26-million in up-front equity and $56-million on stabilization.

Brookfield Canada Office Properties has a portfolio that includes 28 office properties totalling 20.7 million square feet in the downtown cores of Toronto, Calgary, Ottawa and Vancouver.

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