A partnership led by Europro Real Estate has acquired North American Centre, a 1.2-million-square-foot office complex in Toronto’s North Yonge Corridor.

Space-wise, the deal ranks as one of Canada’s largest office trades in recent years amid a sharp downturn from which the sector has been slow to recover. The seller was not identified, but a media report indicates that Manulife Asset Management was the previous owner.

The acquisition includes the two-tower property at 5650 and 5700 Yonge Street.

The new owners include Questrade, Paradise Commercial, Arista, Fieldgate Commercial and Monterey Park. The deal marks the group’s second major acquisition along Yonge Street, following its recent purchase of Yonge Corporate Centre from Cadillac Fairview and brings Europro’s total holdings in the corridor to more than 2.6 million square feet.

“North Yonge offers a compelling alternative within the GTA,” said Jesse Nathanson, vice-president at Europro. “It delivers transit connectivity, direct highway access, residential density and strong fundamentals. By building real scale from York Mills to Finch, Europro is creating optionality and flexibility for tenants that very few landlords can provide.”

The partners say the acquisition aligns with a broader strategy to scale their presence in the North Yonge Corridor, which they view as a key growth market outside Toronto’s downtown core.

Steven Weisz a partner and executive vice-president at Paradise Commercial, said the transaction represents “a rare opportunity to assemble institutional-quality assets in a corridor we know and believe in,” adding that the group plans to reinvest in the property and enhance the tenant experience.

The deal also includes a strategic partnership with Questrade, whose global headquarters is located at the complex.

“North American Centre has been an important home for our team,” said Edward Kholodenko, CEO of Questrade. “Becoming an ownership partner allows us to invest directly in the environment where our people work every day. We are proud to deepen our presence here and contribute to the continued growth of this important business district.”

North American Centre consists of 21- and 23-storey office towers connected by a retail concourse with direct underground access to Finch TTC station. The property includes more than 2,000 parking spaces and amenities such as fitness facilities, daycare services and conference space, and holds LEED Gold and BOMA Best certifications.

Europro said it plans to apply an active leasing and management strategy across the asset and its broader North Yonge portfolio.

“We are not passive owners,” said Nathanson. “We are hands-on, decisive and proactive. “We move quickly, we structure creative deals and we focus on helping our tenants succeed.”

Pictured: The two-tower North American Centre office complex in Toronto’s North Yonge Corridor.

Photo: Europro