MISSISSAUGA, ON, March 20 /CNW/ - GE Real Estate broke ground today on
the construction of a new office building in the Sheridan Research and
Technology Park in Mississauga. The new building, valued at more than
$20 million CDN upon completion, will be the first new commercial office
building GE Real Estate has built in Canada.
Atomic Energy of Canada Limited currently occupies several office
buildings in the research park, two of which are owned by GE Real Estate and
will serve as the lead tenant in the new building, accounting for 50,000
square feet of the 100,000 square feet total.
The new structure, slated for completion in the first quarter of 2009,
has been designed to achieve a LEED Silver certification through the Canada
Green Building Council. GE Real Estate is financing and building the new four
story office property which will be located at 2699 Speakman Drive.
"We are pleased to be playing a role in the ongoing growth and
development of Mississauga's Sheridan Research and Technology Park," commented
Katherine Lee, Managing Director for GE Real Estate. "This is an ideal example
of how GE Real Estate's global expertise and reliability can benefit local
companies and the local community to fuel regional development."
In accordance with LEED guidelines, the building is being constructed
with "regional materials" when possible and a comprehensive recycling program
will be followed to remove construction waste. The overall design of the
building employs the latest "green" technologies, including high-efficiency
lighting and HVAC systems, and a high performance.
Curtanwall/Glazing system, which employs double glazed, Argon filled,
low-E glass. In addition, the site will manage water usage through various
means, including the capture of rainwater for irrigation and washroom
fixtures. The landscaping design will incorporate species that require
significantly less irrigation than the normal site treatment. In addition, the
final landscaping plan includes the planting of 198 new trees.
The building will also incorporate bicycle storage and change/shower
facilities to promote reduction in vehicle usage for building occupants.
"We are very excited to be a part of this development as it is one of the
first suburban speculative LEED buildings in the city," comments Chris
Holtved, Portfolio Leader for GE Real Estate. "Also important to note is that
the property is being constructed on an in-fill site, a former parking lot, as
opposed to taking over existing green space. This is the perfect example of
how we want cities to grow, by increasing densification in an existing
developed area rather than developing on a green-build area."
GE Real Estate provides debt, equity and capital market financing for a
wide variety of commercial real estate projects. A full service, national real
estate company, GE Real Estate also has over 200 dedicated professionals
committed to providing its clients with quality leasing opportunities,
exceptional in house tenant services and assistance in finding the ideal
Notes to editors:
About GE Real Estate
GE Real Estate (www.gerealestate.com) is one of the world's premier
commercial real estate companies with more than US$79 billion in assets and a
presence in 32 countries throughout North America, Europe, Asia, and
Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a
comprehensive range of capital and investment solutions including equity
capital for acquisition or development, as well as fixed and floating rate
mortgages for new acquisitions or re-capitalizations of commercial real
estate. With a 28% compound annual growth rate since 1993, GE Real Estate is
one of the world's fastest growing and most profitable real estate
enterprises. This extraordinary record of success grows out of a reputation
for collaboration and partnership; a depth of knowledge and experience and a
history of building relationships, finding opportunities and opening doors for
more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (www.gecommercialfinance.com) offers businesses
around the globe an extensive array of financial products and services. With
more than US$310 billion in assets and expertise in the middle-market, GE
Commercial Finance provides loans, operating leases, financing programs and
innovative structured capital to help customers grow. Headquartered in
Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of GE
(NYSE: GE), a diversified services, technology and manufacturing company with
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For further information:
For further information: GE Contact: Kim Warburton, (905) 858-5678,
email@example.com; GE Contact: Bernhard Klein Wassink, (203) 750-3317,