Allyied Properties Completes Final Two Ground-Up Developments in Vancouver and Toronto

Allied Properties Real Estate Investment Trust has provided a development update on its final two ground-up developments, M4 of Main Alley Campus in Vancouver and KING Toronto in Toronto. M4 is a 204,000 sq. ft. office building with Netflix as the principal tenant, while KING Toronto is a 440-unit residential condominium development with office and retail space. Both projects are expected to be completed by the end of 2026.

Allied Properties Real Estate Investment Trust (AP.UN) has provided a significant update on its development pipeline, highlighting the completion of two major ground-up projects: M4 of Main Alley Campus in Vancouver and KING Toronto in Toronto. These developments are expected to be finished by the end of 2026, marking a significant milestone for the company.

M4 of Main Alley Campus, located at 108 East Fifth Avenue in Vancouver, is a 204,000 sq. ft. office building. The project, which is part of the Main Alley Campus in the heart of Mount Pleasant, is set to be fully owned by Allied by the end of the third quarter of 2025. Netflix is the principal tenant, with 110,600 sq. ft. of workspace currently being built-out for active occupancy. The building is 77% leased, and Allied expects to finalize a lease-expansion agreement before closing, bringing the lease to 90% occupancy by the end of 2025 [1].

KING Toronto, located at 489-539 King Street West in Toronto, is a 440-unit residential condominium development with office and retail space. The project, developed by Allied and Westbank, is expected to be completed by the end of 2026. It includes 80,000 sq. ft. of office space and 120,000 sq. ft. of retail space. A 20-year lease with Whole Foods Market for 28,291 sq. ft. of retail space below grade and 4,587 sq. ft. at grade has recently been finalized, enriching the user experience at KING Toronto and across King West Village [1].

Both projects are part of Allied's broader strategy to enhance its ability to serve knowledge-based organizations. The company aims to provide a broader range of workspace options, including Allied Heritage, Allied Modern, and Allied Flex, and to concentrate in stronger and larger mixed-use, amenity-rich urban neighbourhoods [1].

The completion of these projects is expected to contribute to the continued evolution of King West Village, one of the most dynamic urban neighbourhoods in Canada. The extensive loading, short-term storage, and waste-management facilities at KING Toronto will also be made available to other retail users of Allied properties along King West, further enriching the neighbourhood's offerings [1].

Allied's mission is to provide sustainable and conducive workspace for knowledge-based organizations, and these developments align with that vision. The company's focus on mixed-use, amenity-rich urban neighbourhoods is a strategic move that aims to elevate and inspire the humanity in all people [1].

References:
[1] https://www.globenewswire.com/news-release/2025/08/18/3134919/0/en/Allied-Provides-Development-Update.html