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Fieldgate Urban - 1170 Queen St E Lease Extended

Jesse Davidson

Updated: Nov 17, 2021



We have agreed with our tenant, Queen Leslie Developments Limited (a subsidiary of Fieldgate Urban), to extend their lease for an additional six months to February 28, 2022. The base rent will remain the same at $38 per sq ft net. We expect to see the leasing market in this neighbourhood strengthen in 2022 and believe we will be well positioned to attract a new tenant once this space is vacant. We recently extended our mortgage on this property and 1010 Queen Street East with Alterna Savings to June 30, 2022. Once we have a longer-term tenant in place, we will be well positioned to pursue term financing here which we expect would free up some additional capital to distribute to investors.

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