In 2007, Hines REIT acquired Atrium on Bay. Located just north of the Financial Core in downtown Toronto, Atrium on Bay is a 1.1 million-square-foot Class B property in an attractive and growing submarket of the city.
After purchasing the asset, Hines renovated and repositioned the property, unlocking value through rebranding, leasing and efficiency improvements. In four years, Hines completed more than 60 leases for 550,000 square feet, transitioned the building to a new space measurement standard, and improved parking operations through automated controls and higher utilization.
The changes resulted in $95 million of value creation when the asset was sold in 2011.