Crown Realty Partners has acquired two class A office buildings in Burlington, Ont., for an undisclosed price.

Seller details were not disclosed. But Fengate Real Estate was known to be the previous owner.

The two properties are located at 1111-1112 International Boulevard and total 271,571 square feet altogether. Crown purchased the assets through its fifth value-add fund, CR V LP.

“This acquisition reflects Crown’s conviction that well-located, well-built assets, when paired with great management, will thrive in any cycle,” said Emily Hanna, managing partner of investments at Crown.

In an interview with Connect, she said Crown will take over management of the buildings from the seller.

“[The purchase] follows along the line of a thesis that we have, and we’ve seen play out in well-located suburban nodes, which is to acquire best-in-class assets within those nodes,” said Hanna.

The high-visibility properties are located alongside the QEW highway in the Hamilton suburb. The properties are 87% leased to many prominent national and global financial services firms.

Hanna said Crown will put in some model suites and “sharpen up the amenities.”

“Usually, we do find that our tenants value conference facilities, fitness facilities, indoor and outdoor amenities, and meeting rooms,” she said. “Now, exactly what we’ll put in place here is quite tailored to the business community within the buildings.”

Due to the high quality of the buildings, Crown does not have any other plans for improving or expanding the properties. No major infrastructure investments are required.

“We really, truly see them as the best-in- class office assets within that node, and we believe they’ll have a competitive advantage when it comes to securing the top-tier tenants who are looking to be in the node,” said Hanna.

The acquisition marks the CR V LP Fund’s seventh investment. The acquisition has $260 million of commitments from institutional investors, said Hanna. It has ample capital available for additional investments across Canada, enabling Crown to execute on a few more acquisitions like the Burlington properties, she added.

Crown is actively exploring other office acquisitions through the fund. Hanna said the Southern Ontario commercial real estate investment cycle, including office, is advancing.

“There is a tightening of the supply,” she said. “Office demand is continuing to build.

“Businesses are recognizing the value of [employees] being in the workplace [as opposed to working from home] and sort of building that demand,” she said. “So from our perspective, all of these things together really create a compelling moment for groups such as ours to acquire, reposition and deliver these modern office assets that align with tenant needs and will also give our investors the returns that they’re seeking.”

Crown is also looking to acquire industrial assets. The company aims to move on to its sixth investment fund in 2026.

“We are more active than ever before in terms of reviewing [acquisition] opportunities,” said Hanna.