POLARIS REALTY INVESTS $20 MILLION TO REVITALIZE 1253 MCGILL COLLEGE

MONTREAL—January 31, 2006—Polaris Realty is investing $20 million to revitalize 1253 McGill College Avenue, the last vintage office building on this street. This major transformation, which began this past fall and will be completed at the end of 2007, includes the restoration of the classical exterior facade as well as the modernization of the nine floors of office space in the heart of Montreal's downtown business district.

“This major private investment will enable us to offer contemporary office space in a setting that respects and highlights the vintage character of this architectural treasure,” said André Cassis, Director, Marketing and Leasing of Polaris Realty. “We plan to conserve the building’s original charm while at the same time meeting the needs of tomorrow’s tenants.”

An invaluable architectural treasure

Designed in 1927 by Ross & Macdonald, a renowned architectural firm that was also responsible for the former Eaton’s department store in Montreal, the château Laurier Hotel in Ottawa and the Royal York Hotel and Maple Leaf Gardens in Toronto, 1253 McGill College is part of Montreal’s architectural heritage. Over the years, the building, which was originally called the Confederation Building, has been home to several major companies, including Canadian Industries Limited (CIL) and the head office of Zellers.

As a testimony to Polaris' commitment to preserving the building's original character, the firm of Duschenes & Fish / D.F.S. Inc Architects, formerly Ross & McDonald, has been commissioned to restore the façade. Lemay associés, a prestigious Montreal firm whose portfolio include Hôtel W, CDP Capital Centre, Bell Centre and the Jean Coutu and Marcelle Coutu pavilions at Université de Montréal, was selected for the interior transformation. “This project is a prime example of the role that the private sector can play in preserving downtown Montreal’s architectural heritage,” said Dinu Bumbaru, Policy Director at Héritage Montréal. ”Without the major investment that Polaris is making to retrofit 1253 McGill College with all modern conveniences while, at the same time, preserving its heritage features, it would have been much more difficult to conserve this last vintage office building on McGill College Avenue.”

Combining comfort, style and function

The European look of the building’s façade will be preserved and enhanced, while the interior will be renovated with a touch of New York loft style. All common areas of the building will be carefully updated to combine comfort and style. The main lobby will be restored to its original elegance, through the use of noble materials such as polished granite and travertine. As well, special attention will be given to distinctive elements such as light fixtures and elevator dials. The hallways, elevators and washrooms will be fully renovated to provide maximum comfort and convenience.

When completed, 1253 McGill College will offer approximately 150,000 square feet of adaptable office space. Its nine floors of office space, comprising 16,495 square feet per floor, will meet the communications, safety, universal access and energy efficiency needs of today’s companies. State-of-the-art elevators, brand new heating, cooling and ventilation systems, and indirect lighting are just some of the elements that will contribute to creating a work environment that encourages productivity. The ground floor and second floor will continue to house boutiques and restaurants.

About Polaris Realty

Polaris Realty (Canada) Limited (Polaris Realty) was founded in 1972. It is the exclusive property developer and manager for the Lord Realty Group, which owns prestigious buildings in Montreal, in the Greater Toronto Area, with its main focus in Mississauga, and in Vancouver. Over the years, Polaris Realty has built an enviable reputation as an innovative and highly reliable partner with the numerous tenants, including Fortune 500 companies, it has had the privilege to serve.