STIQ Purchases Office Complex

SITQ Immobilier, a member of the CDP Capital Real Estate group, part of the Caisse de dépôt et placement du Québec pension fund, purchased the 580,000 square foot York Mills Centre office complex in Toronto on January 15, 2002. The complex consists of four office towers. SITQ National Inc. purchased the project from Truscan Property Corporation for $88.25 million. PenYork Properties Inc., a related CDP company, assisted with due diligence and will act as property manager. The transaction was further complicated by various cross agreements with the City of Toronto relating to access easements and servicing and maintenance agreements.

Yvon Tessier, senior vice-president, investments, and Clifton Dyke, director, investments, led the SITQ business team. SITQ and PenYork were represented by Fraser Milner Casgrain LLP under the supervision of Paul Ginou (real estate), with assistance from Jeremy Johnston, Peter Hand, Susan Jackson, Andrew Salem and Scott Burke (real estate). Tracey Patel and Dunniela Kaufman, also of FMC, assisted in obtaining Competition Act clearance, and Jamie Knight (labour), provided employment advice. SITQ in-house counsel Helene Lafond directed the FMC team with help from Nancy Aube.

Paul Schnieder, president, and vice-presidents David Gerofsky and John Harris negotiated for Truscan. Truscan was represented by Fred Rubinoff and Bram Green (real estate) and Oliver Borgers (competition) of McCarthy Tétrault LLP. Janet Ross acted for the City of Toronto and the Toronto Transit Commission.