Morguard Corporation is putting its real estate management expertise to work
at two major Bloor Street properties in downtown Toronto

Morguard now manages close to 935,000 square feet of office, retail and multi-unit residential space along Bloor Street in Toronto's core

MISSISSAUGA, ON, Dec. 21 /CNW/ - Morguard Corporation (MRC: TSX) ("Morguard") is bringing its real estate management expertise to two more major properties at Bay and Bloor Streets in downtown Toronto. Beginning in January, 2010, the two well-known properties, located at 60 Bloor Street West and 77 Bloor Street West, will be fully managed by Morguard Investments Limited.

"Morguard sets the standard in real estate services and the addition of these properties to our management portfolio will allow us to showcase our services at two more prime locations in downtown Toronto," said Rai Sahi, Chairman and Chief Executive Officer, Morguard Corporation. "60 Bloor Street West and 77 Bloor Street West are excellent properties. We're excited about the opportunity to bring to bear the exceptional staff we have in asset and property management and leasing to provide our investors the superior returns they've come to expect from Morguard."

Both 60 Bloor Street West and 77 Bloor Street West are marquee properties that feature a sizeable mix of office and retail space, well-established tenants, an exceptional central location with excellent transportation facilities, and an extensive range of retail, service, and dining and entertainment amenities.

    
    60 Bloor Street West (northeast corner of Bay and Bloor Streets)
      -  255,727 square feet of total space: including 217,943 square feet
         of office and 37,784 square feet retail space
      -  Lead tenants: Young & Rubicam, The Gap

    77 Bloor Street West (southwest corner of Bay and Bloor Streets)
      -  347,817 square feet of total space: including 370,306 square feet of
         office and 22,489 square feet retail space
      -  Lead Tenants: TD Waterhouse, Harry Rosen, Realstar Management, TD
         Canada Trust
    

The addition of these properties to Morguard's management portfolio increases the company's already sizeable presence in Toronto's downtown core. Morguard now either owns or manages a significant amount of key office, retail and multi-unit rental residential real estate along Bloor Street. Morguard's current properties include The Colonnade at 131 Bloor Street West, which features office, retail and luxury residential suites; and, 50 Bloor Street West, home to major retail tenants including Holt Renfrew, HMV, Zara and BCBG.

Across Canada, Morguard Corporation owns and manages approximately $9 billion in real estate, both for its own account and for third-party investors. These assets comprise more than 45 million square feet of high-quality commercial properties, including 12.7 million square feet of retail space, 11.5 million square feet of office space and 14,000 residential rental apartment suites.

About Morguard Corporation

Morguard Corporation is a major Canadian real estate and property management company. It has extensive retail, office, industrial and residential holdings through its investments in Morguard REIT and Revenue Properties Company Limited. Morguard provides management services to institutional and other investors for commercial and residential real estate through Morguard Investments Limited and Morguard Residential.

SOURCE Morguard Corporation

For further information: For further information: Steve Taylor, President and Chief Operating Officer, Morguard Investments Limited, 55 City Centre Drive, Suite 800, Mississauga, ON, L5B 1M3, (905) 281-3800; Beverley G. Flynn, General Counsel, Morguard Corporation, 55 City Centre Drive, Suite 1000, Mississauga, ON, L5B 1M3, (905) 281-3800


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