Slate Office REIT has leased 107,000 square feet of Greater Toronto Area office space to a Canadian financial technology company under a 15-year agreement.

The property, West Metro Corporate Centre, is located at 195 the West Mall in Etobicoke, Ont. The incoming company plans to relocate its head office to the building and will occupy a significant portion of the property, said Slate in a news release.

The large tenancy comes at Canadian office landlords are grappling with high vacancy due to the COVID-19 pandemic, tenants’ changing work patterns and other market challenges.

“This lease agreement underscores the enduring value that high-quality, well-located office assets represent for growing businesses,” said Brady Welch, Slate’s interim CEO. “In a challenging office market, we have been able to increase occupancy at the property by nearly 20% while extending the average lease term by two years and significantly improving net operating income.”

Chris Burans and Adam Dauphinee of Colliers represented Slate, and Cathy Strati, Joseph Wise, and Tina Stacey of Lennard Commercial Realty acted for the tenant.

The West Metro Corporate Centre comprises 618,044 sf, ranking among the largest properties in the REIT’s portfolio. The building is located beside Highway 427, with access to Highway 401, the Queen Elizabeth Way, and the Gardiner Expressway.

Toronto-based Slate operates globally. The REIT previously announced plans to sell 40% of its gross leasable area as it deals with a large debt load.

Photo: Slate Office REIT