Fasken advised the Broccolini group in connection with the financing and acquisition of a vacant lot in downtown Montréal for $100 million. This 135,000 square foot property has exceptional visibility and is the largest lot available for development in downtown Montréal, capable of supporting over 1.5 million square feet of construction. We can anticipate that the purposes for which it will be developed will be both residential and commercial (offices and retail businesses). The purchase price is explained by the location and development potential. An analyst of the real estate sector in Montréal characterized this transaction as “sensational”, and said that “in terms of value, this is unprecedented”.
A second phase saw part of the land transferred to the National Bank of Canada for the construction of its new head office. We assisted Broccolini in preparing for services, co-development and construction agreements.
Fasken supported Broccolini at all stages of this transaction, including both purchase and financing. The following professionals worked with Denis Paquin on this deal: Nicolas Leblanc, Sonia Rainville, Jean-François Perreault, Émilie Bundock and Sébastien Marcoux. The team was assisted by paralegals Kimberly Parisi and Sarah Thériault.