MISSISSAUGA — Real estate firm Morguard Corporation has announced the purchase of an eight-storey office building in Markham, Ont., calling it an opportunity to construct an additional 270,000 square feet of office space on the property.
The existing Class A building totals 203,500 square feet on 10.6 acres of land and is located at 123 Commerce Valley Drive East, noted a media statement released Aug. 3. Morguard announced a purchase price of $66.5 million, excluding taxes and transaction costs.
The statement indicated, "The acquisition provides Morguard with a significant development opportunity for future growth. In-place zoning, surplus density and abundant existing parking give Morguard the potential for an additional 270,000 square feet of office space on the property."
The property is located between Leslie Street and Highway 404, just north of Highway 407.