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TORONTO-After securing a majority portion of the Dundee REIT’s Eastern Canadian portfolio this summer for $2.4 billion, including a quartet of assets here, GE Real Estate has completed its $91.6-million purchase of two Midtown office buildings. The Stamford, CT-based firm immediately shed one of the properties, both of which are located on St. Clair Avenue West.

GE opted to retain 2 St. Clair Ave. West, a 21-story, 232,000-sf tower that opened in 1965. Following the flip of 40 St. Clair Ave. West to Stockton & Bush Property Management for $26.3 million, GE essentially paid $281 per sf to secure 2 St. Clair Ave. West. Company officials explained that the seller, Brookfield Properties, preferred to divest the buildings to one buyer.

In any event, GE says the acquisition of 2 St. Clair Ave. West makes the firm the dominant landlord on that thoroughfare after securing 30 and 55 St. Clair Ave. West in the Dundee deal. “Our increased presence…gives us multiple options to accommodate area tenants whose needs change as spacing requirements grow,” says Antonio Vadacchino, an official with GE Real Estate Canada. Colleague Nicholas Lagopoulous reports that the improving area supports prospects for increased stability. “We’re well-positioned to protect our assets, and are working with a property manager with compelling incentives to enhance their value,” he says.

Despite its age, 2 St. Clair Ave. West is regarded a prominent class A tower, partly due to a series of upgrades performed this decade. At 97.5% occupancy upon sale to GE, more than 60% of that space was leased to four high-credit tenants, among them Standard Broadcasting, Mills & Mills and the Royal Bank of Canada. Lagopoulous says the building benefits from immediate access to the centralized St. Clair and Yonge subway station.

The sale of 40 St. Clair Ave. West to Stockton & Bush amounts to $214 per sf. It was unclear what plans the new ownership has for that property, a 14-story structure that opened in 1967.

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