Allied Provides Development Update

About this update from Allied Properties Real Estate Investment Trust

[{"type":"text","content":"Allied Provides Development Update\n\n\n\n TORONTO, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Allied Properties Real Estate Investment Trust (\"Allied\") (TSX: \"AP.UN\") today provided an update with respect to pending completion of the final two ground-up developments in its development pipeline: M4 of Main Alley Campus, 108 East Fifth Avenue in Vancouver; and KING Toronto, 489-539 King Street West in Toronto. “Completing the large, multi-city development pipeline we initiated in 2012 has materially enhanced our ability to serve knowledge-based organizations,” said Michael Emory, Founder and Executive Chair. “We now have a much broader base of high-quality office and retail tenants, an expanded range of workspace options (Allied Heritage, Allied Modern and Allied Flex) and greater concentration in stronger and larger mixed-use, amenity-rich urban neighbourhoods.”\n \n\n\n M4 of Main Alley Campus, 108 East Fifth Avenue, Vancouver\n \n\n\n Mount Pleasant is a mixed-use, amenity-rich, urban neighbourhood in Vancouver. It has become a premiere office node for knowledge-based organizations in downtown Vancouver over the past decade.\n \n\n Main Alley Campus in the heart of Mount Pleasant was conceived and developed by Westbank and will consist of five buildings. M1 is a two-storey office building owned by Westbank and a partner and located at 2015 Main Street. M2 is an eight-storey office building now owned by San Francisco-based Spear Street and located at 114 East 4th Avenue. M3 is a three-storey office building with data-centre potential owned by Westbank and a partner and located at 111 East 5th Avenue. M4 is a nine-storey office building with 204,000 square feet of GLA to be fully owned by Allied by the end of the third quarter. M5 is a planned\n \n 25-storey mass timber rental tower\n \n on what is currently the surface parking lot of M1. Further information on Main Alley Campus is available at www.mainalley.ca.\n \n\n Netflix is the principal tenant of M4 with 110,600 square feet of workspace currently being built-out for active occupancy. M4 is now 77% leased. Allied expects to finalize a lease-expansion agreement before closing that will bring M4 to 90% leased, consistent with its overall outlook for leased area at the end of 2025. Rent from M4 is scheduled to commence in early 2026.\n \n\n\n KING Toron...

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