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TORONTO-The biggest office-retail deal in Canada this year has closed with a subsidiary of Houston-based Hines Real Estate Investment Trust Inc. paying US$215.7 million or $179.75 per sf for the 1.2-million-sf Atrium on Bay office and retail complex in North Downtown Toronto.

New York-based Brookfield Properties Corp and its Canadian affiliate, BPO Properties Ltd., were the sellers of the 85%-leased property. The sale closed Feb. 26. GlobeSt.com reported the deal Jan. 10.

At the same time, BPO properties closed a US$21.6-million sale with Montreal-based EL-AD Capital Fund Inc. EL-AD paid $136.52 per sf for two office buildings totaling 158,000 sf at 2200 and 2204 Walkley Rd. in Ottawa.

In a prepared statement, BPO Properties president and CEO Tom Farley says the two deals were done at this time “to take advantage of favorable economic conditions to dispose of non-core assets.” Farley says the sale proceeds would be used for other acquisitions. The 25-year-old Atrium on Bay, on Dundas Street West, includes three office towers, a two-story retail mall and a two-story parking garage.

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