Canderel and Fiera Properties have acquired a 550,000 square-foot office building in Markham, located on a 40-acre site at 3500 Steeles Avenue East.

Constructed in 1980, the building houses tenants, including TD Bank, Geodis Canada, and others. Tenants have direct access to Highway 404 and are connected to transit, such as the TTC, VIVA (York Region Transit) and GO Transit. 3500 Steeles also has an “outstanding dual power feed system” which offers occupants high quality electricity.

“The stable nature of the asset and long term enhancement opportunities fit very well with Fiera’s investment objectives,” David Pappin, vice-president of investments at Fiera Properties. “This property represents an addition to the partnerships already in place between Canderel and Fiera Properties and we look forward to working with Canderel on the execution of our long term strategy at 3500 Steeles.”

Canstone Realty Advisors acted as the advisor and will have an ongoing strategic management role. Cushman and Wakefield represented the vendor.