Canada's Largest Commercial Lease

McMillan Binch represented The Royal Bank of Canada, as lessee, in a transaction with Penreal Capital Management (which acted on behalf of a large pension fund) in what is being touted as the largest commercial lease to be signed by a single tenant this year. The agreement pertains to a “design-build” and lease transaction for an 821,000 sq. ft. building to be constructed on a 24 acre parcel of land located in Mississauga. This project involves one of the largest commercial buildings currently under construction in Canada. McMillan Binch’s team consisted of George Payne, W. David McCordic, David Ross and Catherine Nixon. Penreal Capital was represented by Davies, Ward & Beck with that team being made up of Gregory Howard, James Lawson and Donald Stanbury.