Allied Properties is set to purchase three Class 1 buildings on a downtown Toronto property for $100 million.

Michael Emory, president and chief executive officer of Allied, called the impending acquisition of 511-539 King Street West “an extraordinary strategic opportunity.”

The fully restored buildings are situated on a site that holds 62,469 square feet of gross leasable area and 33,164 square feet of surplus land, situated near other Allied-owned properties.

The site is west of Allied’s 469-499 King West stretch and adjacent to the company’s intensification project at King and Spadina, a project that received municipal approval for the construction of 300,000 square feet of new office and retail space with three levels of underground parking.

Allied expects to boost the approved density with the pending redevelopment of another acquisition at 485 King West.

With the 511-539 purchase comprised of 63,511 square feet of area and 301 feet of frontage on King West, Allied will own 622 feet of uninterrupted frontage on the south side of King West between 469 and 539.