DL Dealmakers, Spring 2022

Going forward, the NAIOP Developing Leaders Committee will look to feature recent, significant real estate deals or projects in which NAIOP Developing Leaders have had the opportunity to contribute. 

In April, Crestpoint Real Estate Investments Ltd. (Crestpoint) closed on the acquisition of 121 King Street, a 540,000 square foot, Class A office tower located in the heart of Toronto’s financial district, one block from the corner of King and Bay streets. Crestpoint acquired a 100% interest in the property on behalf of the Crestpoint Core Plus Real Estate Strategy, its open-end Fund, and another institutional partner. Developing Leaders Matt Muldoon and Ume Kanga (Crestpoint) were involved in structuring and managing all aspects of the transaction under very tight timelines.


In March 2022 Foresters Financial closed on the disposition of their head office building at 789-799 Don Mills Road & 10 Ferrand Dr, Toronto, to Menkes Developments for a total purchase price of $91.2MM.  The property consists of a transit-orientated, 386,523 square foot office building on 5.1 acres with the ability to substantially densify the site with residential uses. Foresters, advised by Cushman & Wakefield’s Nick Kendrew, Derek Snyder and Developing Leader Matt Rakhit, analyzed various occupancy and sale leaseback scenarios to determine the optimal balance of proceeds and long term real estate objectives for the client to formulate the offering package. C&W then launched a widely marketed campaign with the goal of finding the best counterparty to underwrite the value add office component along with the significant potential residential density.  Matt contributed in the execution of the sales and due diligence process, assisting the purchaser, Menkes, and consultants to close the transaction.

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