Concert Real Estate Corporation and Sun Life Financial are pleased to announce that Concert has agreed to purchase Sun Life’s Canadian headquarters located at 227 King Street South in Kitchener-Waterloo, Ontario.
Sun Life’s strong brand presence and commitment as a caring community partner in the region means this purchase is an attractive investment for Concert. Concert will acquire a best-in-class property, leased back to the blue chip financial services provider for a 20-year term. This acquisition will further strengthen the quality of the assets in Concert’s portfolio as well as expand its presence in Ontario.
According to David Podmore, Chairman and Chief Executive Officer of Concert, this purchase will serve to further Concert’s commercial presence in the Ontario region. Podmore elaborates, “The projected growth of the Waterloo area makes this an incredible opportunity for Concert. We are thrilled to invest in such a thriving area and are looking forward to building a strong symbiotic relationship with the Kitchener-Waterloo community.”
Sun Life has demonstrated a long-standing commitment to the Region of Waterloo for over 100 years, and will continue to have a vested interest in the community and their employees given the long-term nature of this leaseback transaction.
“With a strong brand and rich history in the community, Kitchener-Waterloo is a fantastic home for our Canadian headquarters. The region is unique as an insurance-hub in Canada, home to many leading insurance companies, thanks to a highly skilled employee base and leading educational institutions. We will continue to serve our customers and partners from our Canadian headquarters for decades to come,” says Kevin Dougherty, President, Sun Life Financial Canada.”
On the border of Kitchener and Waterloo, the property is situated adjacent to the Grand River Hospital, and along the Light Rail Transit line, which will link to a new Bus Rapid Transit line, upon completion in 2017. Concert is excited about this long-term investment in the Waterloo Region and the nearby improvements in infrastructure that will inevitably complement the property moving forward.
The property consists of an 18-storey, single tenant office complex totaling 745,247 square feet and associated parking comprised of a five-storey parking structure and a surface parking lot for a combined total site area of 15.9 acres. This unique office complex consists of multiple connected buildings, constructed in several different time periods, ranging from 1912 to 1986, and has been institutionally managed by Sun Life.