Allied Properties is a leading owner, manager, and developer of Class I office properties in Canada, a distinct class of real estate created by re-using light industrial buildings located in urban markets.
These properties have distinctive physical attributes, such as high ceilings, natural light, and exposed brick, and are located near central business districts, which makes them attractive to a diverse mix of tenants.
A core holding in our fixed income portfolios for many years now, we have spent a lot of time touring buildings and meeting with the company’s management. This has led us to appreciate how Allied is shaping the communities its buildings are in. Since most of Allied’s properties are former heritage buildings from the early 1900s that have been adapted to modern use cases, these structures must be managed in a way that commemorates history while also respecting the neighborhoods they reside in.
An example of Allied’s commitment to these communities is the company’s Make Room for the Arts program, which has been running since 2012. The goal of this program is to support the economic viability of local artists and increase the cultural and artistic vibrancy of the neighbourhoods where the company operates. Allied provides discounted temporary and permanent spaces for artists, hires artists to integrate art and culture into its buildings, and partners with institutions that support artists and artist communities.
Allied’s commitment to preserving heritage and culture in the communities it operates has led to ownership in some of the most interesting office spaces in the city, which has helped attract high-quality, knowledge-based tenants like Google and Shopify.