Tim Bristow and Alexandra Cozart teamed up with Allied to complete a 10,000-square-foot transaction in Downtown Toronto for one of the fastest-growing and most exciting tech companies in Canada.
Diply is a London, Ontario-based lifestyle and social entertainment media company. Established in 2013, Diply is growing at an unprecedented level, surpassing the early stage growth of Pinterest (one of the world’s largest image-sharing/digital design-board platforms). Today, Diply.com is the 15th most trafficked website in the U.S, the 14th in Canada and the 58th in the world, according to website ranking platform Alexa. Now the second-largest entertainment site in the world (second only to Buzzfeed.com, according to London Free Press), Diply.com averages more than 30 million hits a day.
Although its headquarters in London comprises more than 16,000 square feet (housing 116 members of the sales, creative and tech teams), Diply had a fairly modest requirement of 3,000 square feet of Toronto real estate when it decided to expand into the big city. Rapid growth, however, demanded an instant increase in space, and Diply settled for 10,100 square feet of office space in Toronto to house its 25 employees, securing 50% more space than it needed at the time.
In September of 2016, Diply moved into the Allied Properties building at 388 King Street West, an off-market gem brought forward by the Colliers team. Upon learning of a bankruptcy protection filing, the Colliers team began working with Allied to help secure a new restructured lease in the building for Diply. “The space and timing of this deal were simply a great fit for Diply; they fit Diply’s needs and desires,” said Tim Bristow of Colliers International.
Diply knew that partnering with Allied and Colliers meant access to an experienced landlord that had expertise in tenant growth, and could provide effective growth solutions and flexibility. “Allied was flexible, which was important to us as we were growing while we were looking. They supported our real estate requirement and business strategy,” said Gord Baizley, Diply’s COO.
During the 90-day transaction process (which began in September 2016), Allied proposed multiple locations within the Downtown Toronto area (including trendy King Portland Centre and 134 Peter Street). But Diply was set on making 388 King Street West its new home, drawn to the location’s ability to accommodate the company’s growth expectations: Diply needed to mitigate risk by reducing the need for capital investment, reusing existing furnishings and ensuring the option to terminate. “What was important for Diply was the flexibility to move again, depending on their growth in the near future,” said Alexandra Cozart of Colliers International.
Gord admitted, “We were a finicky client and this was a tricky deal, as we didn’t want to commit to too much immediately, and of course, the agents always get caught right in the middle of that – The Colliers/Allied team worked really hard to make it happen for us.”
What’s next for Diply? “Now we are focusing on defining our audience and identity, and branding that vision. We want our readers/viewers to get a consistent experience on our platform in terms of social content. Our identity is entertaining people, filling their day with inspiring and positive content that has a cheeky edge,” said Baizley.
Congratulations to the Bristow/Cozart team on helping Diply find the perfect spot in Toronto to achieve its goals!
(Photos taken shortly after initial move in)
