Hullmark

What Hullmark does

Hullmark is a Toronto-based real estate investment and development company founded in 1950 by Murphy Hull and now led by his grandson, Jeff Hull, as President. Operating under the legal entity Hullmark Asset Management from headquarters at 474 Wellington Street West, the firm invests in, develops, and manages a diversified portfolio of office, retail, industrial, residential, and mixed-use properties concentrated in downtown Toronto neighbourhoods including Ossington, Liberty Village, Queen West, King West, Parkdale, Riverside, Downtown East, and the Entertainment District. The company operates exclusively in Toronto and employs an estimated 11–50 people.

The company runs a vertically integrated model spanning asset management, development, tenant experience, and private-equity-style co-investment, giving it direct control over property quality and tenant outcomes. Its portfolio includes award-winning assets such as 60 & 80 Atlantic (2022 RAIC Governor General's Medal; 80 Atlantic is Toronto's first new timber-frame commercial building), 100 Broadview, Toronto Carpet Factory (320,000 sf office), and 12 Ossington, and it deploys sustainable building technologies including geothermal geo-exchange systems (1151 Queen East, 1071 King West), mass timber construction, green roofs, and rainwater harvesting, with numerous BOMA BEST, Energy Star, LEED, and Zero Carbon certifications.

Hullmark generates revenue through several mechanisms: recurring rental income from leasing office, retail, and industrial space directly to tenants; development and sale/lease of residential condominium and rental units; property acquisition and value appreciation through active asset management (e.g., the $21.75M purchase of 446 Spadina Road); and development-management fees and equity co-investment on joint-venture projects with institutional developers such as Tridel, Tribute Communities, Great Gulf Homes, Fieldgate Homes, and BGO. Go-to-market is direct: properties are leased through the company's own asset-management team and website with named contacts (e.g., Mitch Gillin), supported by a tenant-story content program, an active Instagram presence, and long-standing local BIA and community engagement. Specific lease rates and unit prices are not publicly disclosed.

Name

Hullmark

Legal name

Hullmark Asset Management

Website

https://hullmark.ca

Company type

Private

Founded year

1950

Operating status

Operating

Headcount range

11–50 employees

Short description

Hullmark is a Toronto-based, family-controlled real estate investment and development firm founded in 1950 that owns, develops, and manages office, retail, industrial, and residential properties across downtown neighbourhoods, serving commercial tenants, residents, and joint-venture development partners.

Ownership category

akta.pro rank

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Commercial Property Leasing: Hullmark generates revenue by owning and leasing office, retail, and industrial spaces to tenants across its portfolio of properties in Toronto. The company manages its own properties, providing ongoing rental income from long-term commercial leases.
2. Residential Development and Sales: Hullmark develops and sells or leases residential condominium and rental units through development projects including Via Bloor, Humberwood Heights, Beltline Yards, 828 Richmond West, and others.
3. Property Acquisition and Appreciation: Hullmark acquires properties such as the 446 Spadina Road retail complex for $21.75M, adding to its investment portfolio with the expectation of value appreciation through active asset management.
4. Development Management and Fees: Hullmark acts as development manager and equity partner on joint venture projects with developers such as Tridel, Tribute Communities, Great Gulf Homes, and Fieldgate Homes, earning development fees and co-investing in projects.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Hullmark is a Toronto-based real estate investment and development firm that acquires, develops, owns, and manages a diversified portfolio of commercial office, retail, residential, and mixed-use properties across downtown Toronto neighbourhoods. The company operates a vertically integrated model encompassing asset management, development, and tenant experience, with a focus on heritage building restoration and sustainable new construction including geothermal and mass timber buildings.

Product overview

Hullmark is a Toronto-based real estate investment and development company offering a diversified portfolio of commercial, retail, residential, and mixed-use properties across downtown Toronto neighbourhoods. The company's product portfolio includes core real estate assets (office buildings like 60 Atlantic, 80 Atlantic, 100 Broadview; retail spaces; residential developments like Via Bloor, Humberwood Heights, Beltline Yards; and mixed-use projects like Radiator and Hullmark Centre) along with complementary services in asset management, development, and tenant experience. Hullmark operates a vertically integrated model, investing in and managing their own properties to create meaningful value for tenants and communities.

Differentiator

Problem solved

Functional benefit

Products and services

• 60 Atlantic A heritage office and retail building in Liberty Village, Toronto featuring 115 years of architectural history combined with modern updates for commercial tenants.
• 80 Atlantic Toronto's first new timber-frame commercial building featuring exposed mass timber construction in Liberty Village, paired with 60 Atlantic as an award-winning heritage and sustainable development.
• 100 Broadview Large-scale commercial property in Toronto featuring 66,000 sf of office space and 16,000 sf of retail space, certified Energy Star and BOMA Best Bronze.
• Radiator A mixed-use development and community hub in Parkdale, Toronto featuring a former radiator factory redevelopment with office, studio, retail, and light-industrial space, with proposed expansion including residential towers.
• Hullmark Centre Large-scale mixed-use development in partnership with Tridel at Yonge and Sheppard in Toronto, featuring residences, premium retail, condominium offices, and direct subway access.
• Via Bloor Mixed-use residential towers development in partnership with Tridel at Bloor Street East and Parliament Street in Toronto, rising 38 and 46 storeys near subway stations.
• Humberwood Heights Residential townhome development in partnership with Tribute Communities in the Humberwood area of Toronto.
• Beltline Yards Major mixed-use master-planned community in partnership with BGO featuring 9 buildings with 2,390 residential units alongside commercial, office, light industrial, and community space.
• 450 Dufferin 18-storey mid-rise mixed-use building in Little Portugal, Toronto featuring 175 residential units and ground-floor employment space.
• Toronto Carpet Factory Heritage industrial complex in Liberty Village, Toronto featuring 320,000 sf of office space in repurposed factory buildings spanning a full city block.
• 147 Spadina Proposed 24-storey mixed-use building in the King-Spadina neighbourhood of Toronto featuring 226 residential units and ground-floor commercial space.
• 1071 King West 17-storey residential building in Liberty Village, Toronto featuring geothermal heating and cooling, with 198,013 sf of residential space and 5,263 sf of retail.
• Home. Power + Adelaide Mixed-use condominium development in partnership with Great Gulf Homes at Adelaide Street East and Parliament Street in downtown Toronto.
• 822-838 Richmond West 8-storey boutique residential infill development in West Queen West, Toronto with 26 residential units, courtyards, and winter garden.
• 1151 Queen East & 115 Larchmount Purpose-built rental development in Leslieville, Toronto featuring 47 residential units and ground-floor retail space, with geothermal heating and cooling.
• Heartwood Retail and residential development in partnership with Fieldgate Homes at Queen Street East and Woodbine Avenue in The Beach neighbourhood of Toronto.
• 109 George Street Commercial office building in downtown Toronto's George Street and Richmond Street East area with 49,177 sf of office space.
• 545 King West Commercial property at King Street and Portland Street in Toronto with 34,000 sf of office space and 5,400 sf of retail, certified BOMA Best Gold.
• 619 Queen West Commercial property at Queen Street West and Portland Street in Toronto with 9,000 sf of office and 9,000 sf of retail space, awarded BOMA Best Gold and Toronto Urban Design Award.
• 474 Wellington Commercial office building serving as Hullmark's headquarters at Wellington Street West and Portland Street in Toronto with 20,250 sf GFA.
• 12 Ossington Office and retail building at Queen Street West and Ossington Avenue in Toronto featuring a hybrid heavy timber structure with award-winning sustainable design.
• Asset Management Strategic investment service focused on long-term growth across office, retail, residential, and mixed-use asset types in downtown Toronto neighbourhoods.
• Development Real estate development service focused on creative, timeless, and thoughtfully integrated renovations and new builds across downtown Toronto, including joint venture development management.
• Tenant Experience Property management and tenant experience service providing direct leasing, on-site support, and curated tenant community programs across Hullmark's portfolio.

Quantifiable outcome

• 50% reduction in greenhouse gas emissions at 1151 Queen East and 1071 King West through geothermal systems compared to conventional heating and cooling
• +3 more outcomes

Named customers15 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

16 partnerships are on record, tiered core and minor.

• TridelcoreStrategic or Co-development PartnerHullmark has partnered with Tridel, one of Toronto's largest residential developers, on multiple mixed-use projects including Via Bloor (38 and 46-storey towers at Bloor Street E and Parliament Street) and Hullmark Centre (a landmark mixed-use development at Yonge and Sheppard with 240,000 sf of office space, 60,000 sf of retail, and direct subway access). Tridel is described as the development partner for these projects.
• Tribute CommunitiescoreStrategic or Co-development PartnerHullmark partnered with Tribute Communities on Humberwood Heights, a residential project featuring 138 townhomes. Tribute Communities serves as the development partner for this project in the Humberwood area of Toronto.
• Great Gulf HomescoreStrategic or Co-development PartnerHullmark partnered with Great Gulf Homes on home. Power + Adelaide, a mixed-use development at Adelaide Street East and Parliament Street featuring 552 condominiums, 13,521 sf of retail space, and 28,300 sf of office space.
• Fieldgate HomescoreStrategic or Co-development PartnerHullmark partnered with Fieldgate Homes on Heartwood, a retail/residential project at Queen Street East and Woodbine Avenue in The Beach neighbourhood, featuring 38 condominiums and 6,000 sf of office space.
• BGOcoreStrategic or Co-development PartnerHullmark together with BGO unveiled Beltline Yards, a masterplan for a mixed-use community at Bowie Avenue and Caledonia Road. The project includes 9 buildings, 10-55 storeys in height, 2,390 residential units, 65,000 sf of commercial space, 64,800 sf of office space, and 112,113 sf of light industrial space. BGO is described as a co-developer on this landmark project.
• BDP QuadranglecoreStrategic or Co-development PartnerBDP Quadrangle served as the architects for 60 & 80 Atlantic, Hullmark's award-winning heritage adaptive reuse and new mass timber commercial buildings in Liberty Village. BDP Quadrangle designed the integration of existing heritage elements with modern additions, which earned the 2022 RAIC Governor General's Medal.
• Hariri Pontarini ArchitectscoreStrategic or Co-development PartnerHariri Pontarini Architects (HPA) designed 12 Ossington, an office/retail building at Queen Street West and Ossington Avenue. The hybrid heavy timber structure and award-winning sustainable design were led by HPA.
• AlvéoleminorStrategic or Co-development PartnerHullmark partnered with Alvéole to host honey-bee hives on their properties as part of sustainability and biodiversity goals. The program includes community engagement through workshops and educational events. To date, hosted hives have generated 200 jars of honey.
• Spaces (Liberty Village)coreOthersSpaces, a flexible workspace operator, operates at 80 Atlantic in Liberty Village. Opened in July 2020 as one of the first tenants in Toronto's first timber commercial building. Spaces is described as a tenant and community partner within the building.
• WeWorkcoreOthersWeWork operates flexible workspace locations within Hullmark properties in Toronto, including locations in the Downtown East neighbourhood. WeWork is listed as a tenant in Hullmark buildings.
• Ossington BIAcoreStrategic or Co-development PartnerHullmark has been a member and treasurer of the Ossington BIA for the past 10 years. The company supervises expenditure, maintains financial records, assists auditors, maintains inventory of physical assets, and supports the annual budget submitted to the City of Toronto's BIA office. Hullmark holds 14 properties on Ossington Avenue.
• East RoomminorOthersEast Room, a flexible workspace and event venue operator, is located at 507 King East in a Hullmark property. East Room offers workspaces, private offices, meeting rooms, and event spaces, and is featured as part of Hullmark's tenant community.
• RBC (Royal Bank of Canada)minorOthersRBC partnered with OCAD University and Hullmark to support the RBC Centre for Emerging Artists & Designers, demonstrating Hullmark's commitment to supporting creative talent through art and design partnerships.
• OCAD UniversityminorOthersHullmark partnered with OCAD University on the RBC Centre for Emerging Artists & Designers and annual sponsorship of GradEx. Hullmark provides physical space for student artwork and community engagement through art installations on Hullmark properties.
• Daily Bread Food BankminorOthersHullmark supports the Daily Bread Food Bank through volunteer efforts, contributing to food security initiatives in Toronto. Hullmark volunteers participate in food bank activities as part of community engagement.
• The Kickback FoundationminorOthersHullmark provides space sponsorships for Kickback Foundation fundraising events. Kickback is a non-profit creating opportunities for youth in underserved communities around the world.

Scale indicators4 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Pemberton Group: Toronto-focused residential and mixed-use developer with a portfolio spanning condominium, townhome, and rental projects across the GTA. Highly comparable in scale, GTA-centric focus, and emphasis on design-led mid- and high-rise communities.
• The Daniels Corporation: Toronto-based residential developer with deep GTA condominium and rental portfolio, including mixed-use community projects. Closely comparable in product mix and Toronto-centric focus, though typically operates at larger scale.
• Freed Developments: Toronto boutique developer known for design-forward condominium and mixed-use projects in trendy downtown neighbourhoods. Comparable in emphasis on architectural quality, heritage integration, and neighbourhood-level positioning in Toronto.
• Fitzrovia Real Estate: Toronto-based developer and asset manager focused on boutique residential, commercial, and mixed-use properties in urban Toronto. Highly comparable as a design-focused, vertically integrated Toronto-focused firm of similar scale.
• Tribute Communities: GTA-focused residential developer and Hullmark's JV partner on Humberwood Heights. Comparable in GTA condominium and townhome product, mid-rise infill orientation, and partnership-driven development model.
• Great Gulf: Toronto-headquartered residential and mixed-use developer, Hullmark's JV partner on Home. Power + Adelaide. Comparable in downtown Toronto high-rise condominium focus and design-driven product positioning.

Broad incumbents

• Menkes Developments: One of Toronto's largest diversified real estate developers with residential, commercial, and industrial holdings across the GTA. Comparable in mixed-use and urban-infill strategy, but significantly larger and broader in scope than Hullmark.
• Tridel: Toronto's largest residential condominium developer, Hullmark's JV partner on Via Bloor and Hullmark Centre. Comparable product overlap (residential and mixed-use Toronto condos) but operates at much greater scale as an established incumbent.
• Minto Group: Ottawa-headquartered but active in Toronto residential, mixed-use, and commercial development. Comparable product overlap in urban condominium and mixed-use communities, though broader national footprint.
• First Capital REIT: Canadian REIT focused on grocery-anchored and mixed-use urban properties, with significant Toronto exposure. Comparable in urban Toronto retail/commercial leasing focus, but operates as a publicly traded REIT rather than a private developer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/hullmark

Compliance28 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hullmark