Morguard Completes Acquisition of a New Class A Office Complex in Kanata (Ottawa), Ontario

Morguard purchased 3199 Palladium Drive, a best-in-class fully leased office complex located in the Kanata West Business Park

MISSISSAUGA, ON, Aug. 22, 2022 /CNW/ - Morguard Corporation (TSX: MRC) ("Morguard") recently acquired a Class A office building located at 3199 Palladium Drive that is fully leased. The property is situated in Kanata, a fast-growing suburb of Canada's capital city, Ottawa, and is the global headquarters of Kinaxis, a leading provider of cloud-based subscription software that enables its customers to improve and accelerate analysis and decision-making across their supply chain operations. 

"Expanding our office investments in the Kanata market strengthens our position as a strategic real estate investor and optimal partner in the Ottawa region," said Tullio Capulli, Senior Vice President, Morguard Corporation. "3199 Palladium's location in this growing, amenity-rich node, make it a stable investment for the future."

The Kinaxis Building at 3199 Palladium Drive was recently completed in 2022 and is leased to Kinaxis on a long-term basis. The build-to-suit office building is beautifully designed to premium standards and provides a modern work environment in an expanding and easily accessible location. The property's five storeys encompass 163,580 square feet of rentable area and is located on 5.73 acres (plus an adjoining future development site of 3.8 acres).

Morguard's total office portfolio includes 12.4 million square feet in assets and is valued at $3.4 billion as of June 30, 2022. In the Ottawa region, Morguard's portfolio totals 3.5 million square feet with a value of $1.2 billion. This opportunity allows Morguard to further expand and diversify its portfolio.

Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $19.4 billion. For more information, visit Morguard.com.

SOURCE Morguard Corporation