Development Showcase: 2455 Meadowpine Boulevard, Mississauga
Home to close to 1,400 multinational organizations, including 71 Fortune 500 head offices, Mississauga, Ontario is seeing substantial growth when it comes to commercial real estate developments and office leasing.
Meadowvale in particular, located in northwest Mississauga, traditionally lead the market and outperformed most submarket nodes in the Toronto West in the last decade. It was a home for big corporations and single tenant head offices with a vacancy rate that hovered around 3-5% for years. The demand was booming with both new speculative office developments and tenants moving from outside the node to set up a corporate head office presence and take advantage of a sprawling land availability between Hwy 401 and Hwy 407. The demand was attributed to close proximity between Hwy 401 and Hwy 407 for both office locations which provides easy access to Pearson International Airport and warehouse distribution to major interchanges.
That said, we have seen a bit of a softening to this particular node with the aftermath of the recession and large tenants focusing on heavy amenity-driven locations given the traffic gridlock and price sensitivity for new buildings. Vacancy sits close to 13% currently with a handful of large blocks static on the market. Given the new and redevelopment product coming to market and strong fundamentals of this node, it only takes a couple large opportunistic users to change the landscape and prove that Meadowvale to be a hotbed for commercial real estate development activity.
2455 Meadowpine Boulevard
Dorsay Development Corporation saw the potential when they purchased the former Roche Canada headquarters at 2455 Meadowpine Boulevard. After closing, plans got underway to demolish the entire warehouse, which created an influx of parking at the site — currently one of the higher ratios in the GTA suburban market at 4.4 per 1,000 sf. The new ownership also reconfigured the building to create a new entrance fronting on Meadowpine Boulevard and renovated the building common area to provide a unique great room which is getting a ton of attention. The end result was a completely redeveloped asset with curb appeal and unique features that will appeal to tenants looking for efficient office space with Highway 401 signage and excess parking requirements.
About the Space
This highly-efficient Mississauga office space and the renovations are just the beginning of the appeal of 2455 Meadowpine Boulevard. Two interior courtyards provide outdoor amenity space and window exposure creating a bright work environment. Two high-ceiling feature rooms are ideal to create unique meeting spaces, showrooms, training areas, or gym facilities. This office space is one that will significantly contribute to cultivating a positive corporate culture.
Unique Differentiating Features