Cirvek Fund I, L.P. buys 150 Bloor Street West building and plans to make it a prestigious office and store location

The Cirvek Fund I, L.P. real estate investment and development fund created last January announced today it has completed the acquisition of 150 Bloor Street West, a 270,000 square-foot office building situated in the heart of the high-end Bloor-Yorkville sector of the city.

“We are immensely pleased with this transaction, since it represents the type of properties we are seeking to acquire and reposition” stated Richard Hylands, president of Kevric Real Estate Corporation and managing partner of Cirvek Fund I, L.P.

Overall investment of almost $120 million

Kevric plans to quickly revitalize and reposition 150 Bloor as a prestigious multi use building. The project will devote 234,500 square feet to office space, with an additional 36,500 square feet being leased as retail. Kevric is currently negotiating with several major retail tenants for large street front locations on Bloor street.

“Presently, the building is partially unoccupied. This works in our favour by allowing us to carry out our repositioning plan for which we have allocated a budget of approximately $30 million.” said Mr. Hylands. “This amount, plus the acquisition price, brings the overall investment within the range of $120 million.”

A strategic location

Kevric, as managing partner of Cirvek Fund I, L.P, has been seeking major investment opportunities and views this acquisition as being particularly attractive because of its prime location in one of Toronto’s most illustrious districts. Some of the city’s most elegant buildings are in this neighborhood, including the recently renovated Royal Ontario Museum, the Manulife Centre and the Holt Renfrew Centre and it is regarded as Toronto’s “Golden Mile”. A diverse array of boutiques, major retail brands, condominiums, art galleries and restaurants all contribute to the flair and prestige of this area of the city.