Just weeks after signing the lease for the massive new Google office on King Street East, Carttera has announced they've acquired majority ownership and stake and controlling in the Portland Commons development at 530 Front Street West.
Acquiring the 530,000 square-foot office development will add another innovative office building to Carttera's already robust portfolio.
The Site Plan Approval application for the project was submitted in the spring of last year and it's expected that construction will begin in summer 2020.
The project, which was designed by Sweeny&Co, will feature a campus-style setting with shared outdoor collaborative gathering spaces and courtyards and ample private outdoor terraces, with a total of 12 terraces, ranging in size from 227 to 9,500 square-feet.
There will also be large floor plans, ranging from 19,000 to over 56,000 square-feet, allowing for flexibility in the design and utilization of workspace for each tenant. Smaller floor plans will also be available from 7,000 square-feet.
The building will feature a "seamless design" that integrates modern aesthetics with existing neighbourhood heritage buildings.
“Building on our recent successful leasing transaction with Google at 65 King Street East, we are thrilled to announce another downtown Toronto acquisition at 530 Front Street West,” said Dean Cutting, Partner, Carttera, in a statement.
“Planning approvals are in place, meaning speculative construction will commence this summer, allowing for tenant occupancy in 2023.”
With proximity to the TTC and Union Station, the Portland Commons office building will also feature 221 bike stalls and 230 underground parking stalls, while also incorporating smart building technologies and sustainability.