Tuesday, April 14, 2009

New Retail Alliance with Canadian Brands

Developer Leases More than 20,000 s.f. to Sir Corp and BMO at Canada’s Tallest Condo

Toronto, February 4, 2009— In an agreement which company officials believe demonstrates confidence in Toronto’s commercial and residential real estate markets, Canadian developer Canderel Stoneridge Equity Group today announced lease agreements with Sir Corp and BMO, for a total of more than 20,000 s.f . in the podium level of the developer’s new, 75 storey condominium at Yonge and Gerrard, called AURA.

Together with retail leader Bed, Bath & Beyond which, in November 2008, announced a commitment to lease approximately 50,000 s.f. at AURA, BMO and Sir Corp restaurants Canyon Creek and Alice Fazooli’s will anchor the commercial component of what will be Canada’s tallest condominium.

“With today’s announcement, we have leased nearly two-thirds of the available commercial space and have sold 85% of the 931 condominium units available at AURA,” says Canderel Stoneridge’s Director of Leasing, Michael Vilner. “We see today’s lease agreements, and our continued sales success with condo buyers as evidence that despite today’s pervasive fear, pessimism and ongoing negative headlines, great retailers and great real estate projects will continue to succeed despite the economic slowdown.

“With the confidence and encouragement of our purchasers and partners like BMO, SIR Corp and Bed, Bath & Beyond, AURA will help reinvigorate Toronto’s urban core and help redefine the city’s urban landscape.”