Less than two years after exposure The press Montreal’s promoter Canderel has sold two of its three buildings in the Mile-Ex neighborhood of its artificial intelligence (AI) campus project in recent months.
Posted at 7:00 am
Canderel sold 6600 Saint-Urbain for 26.5 million on June 28 to a private investor.
Canderel became the owner of the assets in August 2020. He had paid 18 million to acquire the 5-story, 14,600 m building.2 (157,000 square feet2), which was built in 1965. The building is the neighbor of the O Mile-Ex complex, which houses a large concentration of AI researchers with the Quebec Institute of Artificial Intelligence (MILA) and the Institute for Data Valorization (IVADO).
The master of the house had carried out renovation works at 6600 rue Saint-Urbain worth more than 10 million: facade, entrance hall, corridors, toilets, elevators and mechanical systems. He had also set up turnkey offices called Pronto, which were offered in 3, 6 or 12 month terms.
In an interview, President Brett Miller denied having changed his mind about the neighborhood.
“We got the system on the right track,” he says. We finished the renovation work that we had discussed together. We’ve had good success with Pronto’s all-inclusive consoles. We managed to get good rental rates in this building. »
We received an unsolicited offer that was financially attractive.
Brett Miller, President of Canderel
It was impossible to reach the buyer to get their version of the transaction.
Second disposal in 2022
6600 rue Saint-Urbain was Canderel’s third location in the district, alongside 6795 rue Marconi and 155 rue Beaubien Ouest.
In December 2020, Mr. Miller stated this The press Canderel’s strategy of accompanying its tenants step by step at the pace of their growth: from the founding phase at 6600, rue Saint-Urbain, to the status of a large company for those who choose 6795, rue Marconi, wherever is the AI team at Microsoft.
However, Canderel also sold 6795, rue Marconi, for 51 million last March. He has owned it since March 2018 in partnership with Stephen Bronfman’s Claridge family business. The building cost $4.55 million and has since expanded to 100,000 square feet.2 and renovated from the ground up, houses Microsoft’s AI team on 32,000 square meters.2 and workers at IVADO Labs. The acquirer is Netease Games, a Chinese video game developer occupying 30,000 square meters.2.
“We had almost 30,000 square meters.2 [2800 m2] For rent. We were in talks with a potential tenant and the tenant decided to buy the building instead of renting the space. »
In July 2019, the company founded by Jonathan Weiner, also of Olymbec, had bought for 13.85 million 155, rue Beaubien Ouest, where Canderel plans to develop up to 500,000 square feet.2 from offices. The company is still owned.
- Number of square meters of offices [2 millions de pieds carrés] under construction in the second quarter of 2022 in the greater Montreal area