99 Spadina

99 Spadina Avenue, Toronto, ON

location

Queen St. W. & Spadina Ave.

square footage

52,000

interest held

15%

story

Smycorp and David Chard purchased 99 Spadina (then 93 Spadina Ave) as an obsolete office building of 37,000 square feet in early 2000 for approximately $2,000,000. The building was completely vacant and unrenovated. Following a complete restoration (re-skinned with new electricals and mechanicals) as well as a two storey addition, the building was a 52,000 square foot trophy brick and beam office building. This retrofit led to a full re-leasing (with six tenancies) of the building. 99 Spadina Avenue was sold in October, 2003 for $10,775,000 and was the first building sold into Allied Properties REIT, a publicly traded real estate investment trust whom Smycorp continues to engage with as both clients and friends.

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