TORONTO-Allied Properties REIT,based here, has agreed to buy three offices in Toronto and Calgaryfor $50 million. The portfolio includes the distressed LougheedBuilding, an 86,500-square-foot property in downtown Calgary thathad been in receivership.
The purchase moves Allied into the Calgary market. “Theacquisition of the Lougheed building will be a big step forward(for the REIT),” said Michael Emory, president and CEO, in astatement. “We’ll move our urban office platform ever closer to anational 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 eightyears, according to the trust.
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