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Windsor downtown gets boost as tenant found for Chrysler Canada building - Investment Windsor Ontario Real Estate
April 14, 2010
WINDSOR, Ont. — Eight years after it opened amid fanfare and controversy, the owners of the downtown Chrysler Canada building have finally found a high-profile tenant for a portion of the centre's cavernous ground floor space.
While no formal announcement will be made until Tuesday, it's expected that about two dozen employees of The Investors Group, currently located on Temple Drive, will move downtown and eventually take over about 10,000 square feet of space fronting on Riverside Drive adjacent to The Keg Restaurant.
Trevor LeDrew, a spokesman for The Investors' Windsor office, confirmed the move but declined further comment in advance of next week's announcement. The move will come in two phases with the Investors taking over the vacant fifth floor in the building's tower by the end of April and eventually moving downstairs, according to Roland Ouellette, property manager for the building's German owners.
Eventually, it's expected that between 80 and 100 Investors employees will move downtown.
"It's been a hard sell because it was originally expected to be retail but retail itself is a hard sell," said Ouellette.
"But it's good news for the building owners and it's good news for downtown. We're building a little financial district down here and this is a perfect fit."
Peter Whatmore, senior vice-president for CB Richard Ellis' Southwestern Ontario office which has the property's listing, said: "It's wonderful to have such a quality tenant as Investors take over the space. It's pretty cavernous but it has an incredible view and it's a first-rate building."
Whatmore acknowledged that the move into the ground floor might not happen for 18 months but added "it's a contractual agreement and it's a done deal that they will take riverfront space."
Whatmore said his company has also had significant interest in recent weeks from other potential tenants and gave one of them a tour of the building as recently as last week.
"We hope that adding Investors will be the catalyst to bringing more tenants on board," said Whatmore.
The building, which is managed by Windsor Asset Management Gp Ltd., also lists Stewart Fisher and Associates, Private Financial Group, Mancini & Partners, Draft-Tech Inc. and Diadem Digital Solutions Inc. among its tenants.
With the exception of a handful of special events, the ground floor space has been vacant for eight years and finally finding a tenant is seen as a major boost for the city core.
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