MaRS Discovery District to open second location on Toronto’s waterfront [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Toronto’s MaRS Discovery District and the University of Toronto have struck a deal with real estate developer Menkes Development Ltd. for space at a new building on the waterfront, as MaRS makes a first step beyond its original base near the university. MaRS and U of T are leasing 24,000 square feet – with an option to lease an additional 24,000 square feet – at Menkes’s Waterfront Innovation Centre, a building under construction across from Sugar Beach, on the inner harbour. It is set to open in 2021 and Menkes wants the building to be home to creative and technology businesses. The MaRS move comes amid a hot market for office real estate in downtown Toronto, with a record-low vacancy rate. The market has been buoyed by the boom in the tech sector and MaRS has seen the upstart companies it supports benefit from large increases in venture capital financing. Story continues below advertisement The Waterfront Innovation Centre will be 400,000 s
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