TORONTO-Allied Properties REIT, based here, has agreed to buy three offices in Toronto and Calgary for $50 million. The portfolio includes the distressed Lougheed Building, an 86,500-square-foot property in downtown Calgary that had been in receivership.

The purchase moves Allied into the Calgary market. “The acquisition of the Lougheed building will be a big step forward (for the REIT),” said Michael Emory, president and CEO, in a statement. “We’ll move our urban office platform ever closer to a national scale.”

The Lougheed is at Sixth Avenue and First Street SW in Calgary. It is fully leased, with an average lease term of more than eight years, according to the trust.

The Toronto purchases include 49 Front Street East, with 20,000 square feet; and 252-264 Adelaide Street East, with 50,000 square feet. These offices are also fully leased, and include the right to buy 20 underground parking spaces at $25,000 per space upon completion of the adjacent condominium project. “The Toronto acquisitions strengthen our position in downtown east, increasing our market share to nearly 45%,” Emory said in the statement.

Allied is expected to finalize the purchase in October. On closing, the Lougheed will be subject to a first mortgage in the approximate principal amount of $22 million, having a term of 10 years, bearing interest at about 4.75% per year and being payable in blended installments of principal and interest based on a 25-year amortization. On closing, the two Toronto properties will be subject to a first mortgage in the principal amount of $10.1 million having a term expiring on Aug. 1, 2011.

The trust did not report the lease rates for the buildings. The average rate in both Toronto and Calgary is about $29 per square foot, gross, according to a second-quarter market report by Avison Young.