New state-of-the-art office space lease in prime location where the future financial hub is expected to be
TORONTO – October 22, 2020 – Menkes Developments Ltd. (“Menkes”) is pleased to announce that 100 Queens Quay East will be the new home of Richardson GMP Limited (soon to be renamed Richardson Wealth).
Richardson GMP will occupy three floors (approximately 85,000 square feet) of prime office space in the 25-storey landmark building on Toronto’s waterfront. Now more than ever before, companies are looking to occupy offices with superior ventilation, natural light, access to nature and amenities. This new lease may signify the recovery of the Toronto office market as it is the first significant office lease in downtown Toronto following the global health pandemic. CBRE Limited represented Menkes and TD Asset Management (TDAM) as the listing agent for the building, and Devencore represented Richardson GMP in the transaction. The building is currently 65% leased.
“We’re thrilled that Richardson GMP shares our vision for our newest office development, which will support the transition of returning to physical office space by promoting a healthy work environment,” said Peter Menkes, President, Commercial/Industrial. “This deal brings the building to nearly two thirds leased as we continue with the final year of construction until we open its doors. We look forward to welcoming Richardson GMP to their new home.”
“We are excited to move forward with our long-term plan to develop the soon-to-be renamed Richardson GMP into the powerhouse wealth-planning firm of the future and our new headquarters is a core part of this plan,” said Andrew Marsh, Chief Executive Officer, Richardson GMP. “We believe our offices at 100 Queens Quay East will more aptly reflect our forward-facing outlook, prestigious brand and industry stature as a leading independent for our existing and, importantly, next-generation Clients. By opting for a more modern building infrastructure and an entirely new space, we will also be better able to take full advantage of the inevitable changes in workplace dynamics stemming from the pandemic.”
The office tower features approximately 690,000 square feet of Class “AAA” space. Designed by B+H Architects, the tower has been conceived with the objective of achieving the highest standards in environmental sustainability by striving for Leadership in Energy and Environmental Design (“LEED”) Platinum certification, which is an internationally-accepted rating system that recognizes excellence in the design, construction and operation of green buildings. LCBO will be occupying approximately 225,000 square feet, with the ground floor featuring a 25,000 square foot flagship LCBO retail store.
“The addition of Richardson GMP to the building represents a significant vote of confidence in the Toronto office market and is another endorsement of our high-quality building. Our excitement continues to build as another key tenant has committed to the energy and growth story in and around 100 Queens Quay East,” said Jeff Tripp, Managing Director, Real Estate Investments, TDAM.
100 Queens Quay East is the first phase of Sugar Wharf, Menkes’ vibrant new mixed-use community, which includes office, retail, residential, Toronto’s first vertically integrated school, and a two-acre public park. It will be the largest mixed-use development on the Toronto waterfront, and home to 7,500 residents and approximately 4,000 office workers.
Richardson Wealth, as it will be known then, is expected to move into its new space in 2023.
About Menkes Developments Ltd
Menkes Developments Ltd. is an award-winning, fully integrated real estate company involved in the construction, ownership and management of office, industrial, retail and residential properties. Founded in 1954, the company is one of the largest private developers in Canada, with a primary focus in the Greater Toronto Area. Menkes is known for its innovative, multi-disciplinary approach and superior design, and is highly regarded as one of the most trusted builders in Toronto, with a strong reputation for quality and customer service excellence. Past projects include the Four Seasons Hotel & Residences in Bloor-Yorkville, 25 York Street (Telus Harbour), and the two million square foot Harbour Plaza/One York commercial retail complex. For more information about Menkes, please visit menkes.com and follow @MenkesLife.
TD Asset Management Inc. (“TDAM”), a member of TD Bank Group, is a North American investment management firm. Operating through TD Asset Management Inc. in Canada and TDAM USA Inc. in the U.S., TDAM brings new thinking to investors' most important challenges. TDAM offers investment solutions to corporations, pension funds, endowments, foundations and individual investors. Additionally, TDAM manages assets on behalf of almost 2 million retail investors and offers a broadly diversified suite of investment solutions including mutual funds, professionally managed portfolios and corporate class funds. Asset management businesses at TD manage $359 billion in assets as at June 30, 2020. Assets under management include TD Asset Management Inc., TDAM USA Inc. and Epoch Investment Partners Inc. (Epoch). All entities are wholly-owned subsidiaries of The Toronto-Dominion Bank.
About Richardson GMP
The next generation of wealth.TM
One of Canada's leading independent wealth management firms, Richardson GMP provides strategic wealth advice and innovative investment solutions customized for high net worth and ultra-high net worth families and entrepreneurs. The firm is a core business unit of James Richardson & Sons, Limited, a successful, multi-generational and long-standing firm now managed by the fifth generation of Richardsons. Since 2010, Richardson GMP has garnered top rankings for products and services dedicated to HNW investors in the annual Investment Executive Brokerage Report Card. The firm is also committed to maintaining exceptional fiduciary standards and has earned certification – determined annually – from the Center for Fiduciary Excellence for the Separately Managed and Portfolio Management Account platforms. Richardson GMP has also been recognized as a Great Place to Work™ for the last three years. For further information, please visit our corporate website at www.RichardsonGMP.com