RioCan and Allied Provide Progress Update for The Well - Seite 2

• Food: approximately 60,000 square feet slated for a series of distinct and diverse eateries under separate banners that will be curated by, and benefit from the experience of, one of Canada’s leading hospitality companies recognized for unique and innovative restaurants and event venues. In addition, a 6,500-square foot commissary kitchen and 11,000 square feet of restaurant space at the top of the office tower have also been committed.
• Health & Wellness: approximately 24,000 square feet has been leased to Sweat and Tonic, an advanced and luxurious fitness and wellness hub that provides world-class Yoga, Ride, HIIT, and Pilates classes within three state-of-the-art studios, as well as personal training facilities, cafe, bar, lap pool, spa, beauty, and community spaces. Approximately 16,000 square feet has been leased to Shoppers Drug Mart, Canada’s largest pharmacy, offering residents and the surrounding neighbourhood essential goods.
• Everyday services: approximately 10,000 square feet leased to tenants that cater to everyday needs such as banking and barista style coffee.
  

Negotiations and discussions with prospective tenants that will also contribute to the overall character of The Well continue to make progress. First possession of retail space is anticipated for 2022.

“Our partners at RioCan have completed foundational retail leasing at the optimal point in time and in a manner that compliments the amenity-rich King West neighbourhood,” said Michael Emory, President and Chief Executive Officer of Allied. “Now that prospective users can tour the different components of the retail environment at The Well, the remaining retail leasing will unfold according to a comprehensive merchandising plan developed by RioCan and Allied that will further enrich the neighbourhood.”

The office space at The Well is now 85% leased to Shopify, Intuit, Finance IT, Index Exchange, Spaces, Quadrangle and Konrad Group, among others. Initial tenant possession remains on track for third quarter 2021. With increasing momentum, the remaining office space is expected to be leased up promptly. The main office building has reached its height of 36 storeys and is on track to be topped off in May 2021.

As announced in 2016, The Well JV has agreed to sell approximately 1.3 million square feet ⁽¹⁾ of air rights to Woodbourne Canada Partners (“Woodbourne”) and Tridel Builders Inc. (“Tridel”) for the development of the six residential towers at The Well with RioCan retaining a 50% interest in the residential rental tower, FourFifty The Well (Building F, 46-storey and ~600 units). In December 2020, The Well JV completed the sale and received the sale proceeds for the first portion of air rights for the residential and podium space at Building A and B to Woodbourne. With ongoing construction progress, air right sales for the four remaining residential buildings remain on track to be conveyed in 2021.