Morguard purchased 3199 Palladium Drive, a best-in-class
fully leased office complex located in the Kanata West Business
Park
MISSISSAUGA, ON, Aug. 22,
2022 /CNW/ - Morguard Corporation (TSX: MRC)
("Morguard") recently acquired a Class A office building located at
3199 Palladium Drive that is fully leased. The property is situated
in Kanata, a fast-growing suburb
of Canada's capital city,
Ottawa, and is the global
headquarters of Kinaxis, a leading provider of cloud-based
subscription software that enables its customers to improve and
accelerate analysis and decision-making across their supply chain
operations.
"Expanding our office investments in the Kanata market strengthens our position as a
strategic real estate investor and optimal partner in the
Ottawa region," said Tullio
Capulli, Senior Vice President, Morguard Corporation. "3199
Palladium's location in this growing, amenity-rich node, make it a
stable investment for the future."
The Kinaxis Building at 3199 Palladium Drive was recently
completed in 2022 and is leased to Kinaxis on a long-term basis.
The build-to-suit office building is beautifully designed to
premium standards and provides a modern work environment in an
expanding and easily accessible location. The property's five
storeys encompass 163,580 square feet of rentable area and is
located on 5.73 acres (plus an adjoining future development site of
3.8 acres).
Morguard's total office portfolio includes 12.4 million square
feet in assets and is valued at $3.4 billion as of
June 30, 2022. In the Ottawa region, Morguard's portfolio totals 3.5
million square feet with a value of $1.2
billion. This opportunity allows Morguard to further expand
and diversify its portfolio.
About Morguard
Corporation
Morguard Corporation is a major North American real estate and
property management company. It has extensive retail, office,
industrial, hotel and residential holdings owned directly and
through its investment in Morguard Real Estate Investment Trust and
Morguard North American Residential REIT. Morguard also
provides real estate management services to institutional and other
investors. Morguard's owned and managed portfolio of assets is
valued at $19.4 billion. For more information, visit
Morguard.com.
SOURCE Morguard Corporation