TORONTO - December 19, 2018 - Cushman & Wakefield (NYSE: CWK) announced that it recently brokered Shopify’s lease of up to 433,752 square feet in downtown Toronto’s new development, The Well. Michael Scace, Alan Rawn and Lauren Luchini of Cushman & Wakefield were the exclusive representatives of Shopify who agreed to a long-term lease of 15 years commencing in 2022.
“Having Shopify commit to such a significant amount of space at Allied REIT and RioCan’s latest project The Well is not only a great Canadian story, but a true testament to Toronto’s desirability for world-class tenants,” said Michael Scace, Senior Vice President, Cushman & Wakefield.
The Cushman & Wakefield team has been the representative of Shopify since 2013, helping find the e-commerce company office space to accommodate its rapid pace of growth in Toronto over the past five years. The team first secured a space at 80 Spadina Avenue in 2013 and then later secured a new headquarters lease of 158,520 square feet that launched King-Portland Centre in 2016. This most recent transaction at The Well development commits to an initial 254,000 square feet with unprecedented expansion rights for the remaining square footage.
The commercial component of The Well is a joint venture between Allied REIT and RioCan. It is a mixed-use project that includes residential, commercial and retail that will bring more than 3 million square feet to the city, of which Shopify has made a significant investment. This Class AAA office building design is targeting LEED Platinum certification and is scheduled for completion in 2022.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.