Ms. Cecilia Williams of Allied Properties reports

ALLIED AND RIOCAN PROVIDE OFFICE LEASING UPDATE FOR THE WELL

Allied Properties Real Estate Investment Trust and RioCan Real Estate Investment Trust have provided an office leasing update for The Well in Toronto.

A Canadian company has agreed to lease 124,235 square feet of office space on the third through sixth floors of 460 Front St. W, an office building at The Well, for a term expiring May 31, 2037. The company will be entitled to exclusive rooftop signage on 460 Front St. West facing south.

As a result of this and other office leasing activity, the office space available for sublease at The Well has declined to 10 per cent. Along with the accelerating lease-up of modern office space at nearby Portland Commons, this will bring thousands of new knowledge workers to King West Village, continuing its transformation into a core office node in downtown Toronto. King West Village is a mixed-use, amenity-rich urban neighbourhood bounded by Front Street to the south, Spadina Avenue to the east, Richmond Street to the north and Bathurst Street to the west.

Allied owns just over 2.3 million square feet of office space in King West Village, of which 1,471,555 square feet are Allied Modern, 594,254 square feet are Allied Heritage and 248,916 square feet are Allied Flex. Allied also owns 323,027 square feet of storefront retail space in King West Village in addition to its share of retail space at The Well.

About Allied Properties Real Estate Investment Trust

Allied is a leading owner-operator of distinctive urban workspace in Canada's major cities. Allied's mission is to provide knowledge-based organizations with workspace that is sustainable and conducive to human wellness, creativity, connectivity and diversity. Allied's vision is to make a continuous contribution to cities and culture that elevates and inspires the humanity in all people.

About RioCan Real Estate Investment Trust

RioCan meets the everyday shopping needs of Canadians through the ownership, management and development of necessity-based and mixed-use properties in densely populated communities. As at June 30, 2025, RioCan's portfolio comprises 178 properties with an aggregate net leasable area of approximately 32 million square feet (at RioCan's interest).