Slate Office REIT has completed a long-term lease extension with Medavie and one of its operating companies, Medavie Blue Cross.

Medavie currently occupies 155, 470 square feet in the Blue Cross Centre in Moncton, New Brunswick. This represents almost 50 per cent of leasable space.

“Blue Cross Centre is the largest and most prominent office complex in Moncton, New Brunswick and Medavie has been its largest tenant since the building’s inception in 1988,” said Scott Antoniak, chief executive officer of the REIT. “We value our relationship with Medavie and we are very pleased to have them continue their presence at the Blue Cross Centre in the heart of downtown Moncton.”

The revised lease commenced on October 1st, 2016 and matures on March 31st, 2029 with Medavie having further options to renew. The majority of the Medavie space would have expired at the end of 2018 with the balance in mid-2021.

“644 Main Street remains our largest location with more than 800 employees, even while we’ve grown to be one of Canada’s leading health companies with 6,000 employees in total,” said Bernard Lord, chief executive officer of Medavie. “We look forward to continuing a long-term relationship with Slate and our commitment to the downtown core.”