TORONTO (February 6, 2020)
IMCO Co-Invests in 65 King East, Google’s New Toronto Headquarters
TORONTO, Feb. 6, 2020 – Carttera Private Equities Inc. (Carttera) announces a major, long-term, downtown Toronto office leasing transaction at 65 King East, which will be home to Google, occupying 400,000 sf of office space across 18 floors in Toronto’s newest, next-generation office development.
“We are extremely pleased to announce that 100% of the office floors of 65 King East are now leased to Google: one of the most prominent, influential and well-recognized companies in the world. Our vision for 65 King East has always been to combine innovative office architecture and an employee-centric workplace design with a dynamic, forward-thinking organization. Google truly recognizes how 65 King East promotes sustainability, employee wellness, collaboration, productivity and health,” said Dean Cutting, Partner, Carttera. “The fact that Google made a long-term commitment to our project is a testament that we are leading the future of innovative office design. We look forward to a long-term collaborative relationship with Google for many years to come.”
65 King East is owned by Carttera in conjunction with institutional co-investors: OPTrust, Manitoba Civil Service Superannuation Board and Investment Management Corporation of Ontario, which will be the long-term holders of the asset. The development’s design is a collaboration between world-renowned architects IBI Group and WZMH Architects. 65 King East is currently being built by PCL Construction. Google’s tenancy is a consolidation and relocation of offices in the Greater Toronto Area, with occupancy expected in 2021.
“Carttera built 65 King East with next-generation tenants and an evolving downtown core in mind,” said Jeff Friedman, Executive Vice President Office Leasing, CBRE. “Google’s decision to make 65 King East its new Toronto headquarters underscores the degree to which Toronto’s downtown core continues to expand. This is a significant statement of confidence in Toronto’s tech market and talent pool.”
Together with the efforts of CBRE, this significant transaction is a great match for the growing downtown core, bringing innovation and tech giants into the fold of Toronto’s tight office real estate market. With proximity to the TTC and Union Station, this office building also features over 18,000 sf of outdoor terraces, 196 bike stalls and 10,675 sf of retail space, while also incorporating smart building technologies and sustainability. With Wired Score Gold already accomplished, 65 King East has been designed to achieve LEED Gold certification.
The Investment Management Corporation of Ontario (IMCO) manages $63.3 billion of assets on behalf of its clients. IMCO’s mandate is to provide broader public-sector institutions with investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. IMCO is an independent organization, operating at arm’s length from government and guided by a highly experienced and professional Board of Directors. Follow us on LinkedIn and Twitter @imcoinvest.
About 65 King East
Located in the vibrant St. Lawrence neighbourhood, 65 King East is steps from the financial core at King & Yonge, and is less than a 10-minute walk to Union Station with seamless connections to the TTC, Go Transit, Via Rail and the UP Express. 65 King East has dedicated approximately 18,000 sf of terrace space over eight floors, offering expansive views of the city and lake, and is designed with a raised floor HVAC system and exposed concrete ceilings.
Carttera is a Canadian real estate investment fund manager and developer. The firm invests its capital in innovative urban intensification development projects and is a leader in environmental sustainability in the Canadian development industry. Carttera’s strength lies in its track record of success in originating, structuring and executing complex development projects. Carttera has developed projects extending to over $3.3 billion in total value since its inception in 2005, with primary holdings concentrated in the GTA and Montreal. The firm’s projects include a wide range of product types including office, mixed-use, industrial, condominiums and rental apartments.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. In Canada, CBRE Limited employs 2,200 people in 22 locations from coast to coast.