Anthem Properties Acquires 415 Yonge Street in Downtown Toronto.VANCOUVER, British Columbia--(BUSINESS WIRE)--April 14, 1998-- ANTHEM PROP.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ANT.) Anthem Properties Corp. (TSE: ANT) announces that it has acquired 415 Yonge Street, a 185,000 sq. ft., 19 storey, office building near the corner of Yonge and College Streets in downtown Toronto Downtown Toronto is the heart of the City of Toronto, Ontario, Canada. It is approximately bounded by Bloor Street (including areas slightly north of Bloor around Yonge Street) to the north, Lake Ontario to the south, Bayview Avenue - Don Valley Parkway to the east, and Bathurst . The purchase price of $9.2 million is equivalent to $50 per square foot, less than one-third of the property's replacement cost. The acquisition was financed by the assumption of an existing $4.0 million mortgage and from proceeds of Anthem's recent initial public offering. The property is currently 55 percent leased and Anthem plans to lease it up over the next 18 months. The building is well located across the street from the College Street subway subway: see rapid transit. subway Underground railway system used to transport passengers within urban and suburban areas. The first subway line, 3. station and provides a good alternative for tenants facing rapidly escalating office rents in Toronto's downtown core
The Downtown Core is a 266-hectare urban planning area in the south of the city-state of Singapore. . With the increase in office market occupancies and increasing rents in Toronto, 415 Yonge is an attractive acquisition for Anthem. Anthem President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Eric Carlson said "This is our second acquisition in Toronto and we are aggressively looking to add to our portfolio of properties there. Toronto is an attractive market due to its strong economic growth and increasing office rental rates. The acquisition of 415 Yonge was a classic Anthem transaction where we acquired a property at a large discount to replacement cost and add value through the redevelopment and re-leasing processes." Anthem Properties Corp. is a rapidly growing real estate investment, development and management company. It specializes in the acquisition and management of Class B office, retail and multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. properties in high growth markets in Canada and the western United States Noun 1. western United States - the region of the United States lying to the west of the Mississippi River West Santa Fe Trail - a trail that extends from Missouri to New Mexico; an important route for settlers moving west in the 19th century . It owns or manages a portfolio of over 2.3 million square feet of office and retail space and over 5,200 multi-family residential units. CONTACT: Anthem Properties Corp. Eric Carlson, 604/ 488-3602 or Anthem Properties Corp. David Ferguson, 604/ 488-3632 or Anthem Properties Corp. James Speakman, 604/ 488-3617 |
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