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Slate Office REIT to Invest $46M to Revitalize Sheridan Park Facilities; Announces Major Tenant SNC-Lavalin to Extend Lease
Slate Office REIT to Invest $46M to Revitalize Sheridan Park Facilities; Announces Major T...
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[{"type":"text","content":"\n\n\n\nSlate Office REIT to Invest $46M to Revitalize Sheridan Park Facilities; Announces Major Tenant SNC-Lavalin to Extend Lease\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nSlate Office REIT to Invest $46M to Revitalize Sheridan Park Facilities; Announces Major Tenant SNC-Lavalin to Extend Lease\nCanada NewsWire\nTORONTO, Sept. 24, 2015\n\n\n\n\n\n\nTORONTO, Sept. 24, 2015 /CNW/ - Slate Office REIT (\"Slate Office\" or the \"REIT\") (TSX: SOT.UN) announced today that it is investing approximately $46 million to revitalize two key properties in Mississauga's Sheridan Park, which will house SNC-Lavalin's nuclear sector, a major long-term tenant in the park that is committing to extend its lease on a long term basis in the newly refurbished, contemporary facilities. \n\nIn connection with the revitalization project, Slate Office announced that it has entered into a binding agreement (the \"Agreement\") with SNC-Lavalin (the \"Tenant\"), whereby SNC-Lavalin will lease from Slate Office approximately 215,000 square feet of research, development and office space in Sheridan Park for an initial term of 10 years.  \n\n\"This announcement is a perfect example of Slate Office's strategy in action: the identification of overlooked, yet quality commercial properties such as these buildings in Sheridan Park, which we can then re-purpose and modernize while offering rents significantly below new construction cost – allowing us to attract and maintain high-quality tenants like SNC-Lavalin,\" said Scott Antoniak, Chief Executive Officer of Slate Office.  \"We're extremely pleased to have strengthened our relationship with SNC-Lavalin over the long term in a deal that represents tremendous value for both sides, and in doing so helped to re-invigorate an important business centre such as Mississauga's Sheridan Park.\"\n\nMississauga City Councillor, Karen Ras, said:\n\n\"As City Councillor for Ward 2, the City of Mississauga, businesses and residents eagerly anticipate the much needed revitalization of Sheridan Park with announcements such as this.  I believe ...