Two properties in Mississauga’s Sheridan Park are getting a $46 million makeover with an investment from Slate Office REIT.
Slate Office will lease 215,000 square feet of research, development and office space in Sheridan Park for an initial term of 10 years to SNC-Lavalin, a long-term tenant that is extending its lease in revitalized facilities. SNC-Lavalin wants to create a more campus-style facility through the consolidation of its office and research properties using engineering and design best practices.
SNC-Lavalin’s Nuclear team provides leading nuclear technology products and full-service solutions to nuclear utilities around the world. This new transaction will include an option to lease an additional 28,000 square feet, increasing the total area to about 243,000 square feet.
“This announcement is a perfect example of Slate Office’s strategy in action: the identification of overlooked, yet quality commercial properties such as these buildings in Sheridan Park, which we can then re-purpose and modernize while offering rents significantly below new construction cost – allowing us to attract and maintain high-quality tenants like SNC-Lavalin,” said Scott Antoniak, chief executive officer of Slate Office.