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Fredric L. Carsley


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Fredric L. Carsley has in-depth expertise in commercial real estate law with particular emphasis on major retail and office projects. He acts for well-known stakeholders in the industry with respect to the acquisition, development, financing and leasing of commercial real estate. 

Mr. Carsley has been in the foreground of lobbying activities on behalf of the commercial real estate industry, notably the proposed tax on non-residential parking and Section 10(2) of the Canada Interest Act. From 2002 until 2006, he headed the Canadian shopping centre industry government relations representation team. In recognition of his contribution, he received the International Council of Shopping Centers (ICSC) Trustees Distinguished Service Award, the highest award bestowed by the retail real estate industry.

Identified by various national and international directories as a leading practitioner in the fields of property development and property leasing, Mr. Carsley is renowned for his preeminent legal ability and high professional and ethical standards. Clients have publicly acknowledged his expertise, dedication and responsiveness remarking, above all that he treats every file as though he has a personal stake in the outcome. A frequent speaker and writer on commercial real estate issues, topics include leveraged sale-leaseback transactions, power center leases and money laundering obligations for real estate developers and brokers.

Representative Mandates

  • Acted for owners CREIT Management L.P.and the North American Development Group in the permanent financing ($125M) of Carrefour de la Rive-Sud in Boucherville, Québec
  • Acquisition by an affiliate of the Toronto Transit Commission Pension Fund Society of a limited partnership interest in Faubourg Boisbriand Shopping Centre for approximately $96.8 million
  • Represented Whiterock REIT in the acquisition of five buildings for an amount close to $113 million
  • Represented Homburg Invest in the acquisition of CN Central Station in Montréal worth $355 million
  • Represented an affiliate of Sidev in the acquisition of 41 acres and the sale of 18 acres to anchor users, including the negotiation of reciprocal servitudes, as well as operational and development agreements
  • Represented North American Development Group in the sale to Canadian Real Estate Investment Trust (CREIT) of a 50% undivided interest in a new format unenclosed retail property in Boucherville, Québec, consisting of 500,000 square feet of leasable area for $70.7 million
  • Represented RioCan REIT in the acquisition of three shopping centres comprising over 1.9 million square feet in Laval and Québec City
  • Represented Whiterock REIT in the acquisition of six buildings in Québec City worth approximately $84 million
  • Representation of a multinational corporation with respect to the sale and leaseback of a 375,000 square foot facility in Saint-Jean-sur-Richelieu for $35 million plus the long term lease.
  • Sale of an undivided interest in a suburban office building to the Canada Mortgage and Housing Corporation (CMHC) with a creative restructuring of the long-term mortgage financing
  • Acted for the buyer of an industrial portfolio of six buildings for $36.1 million and the long-term mortgage financing with a conduit lender
  • Acted as Quebec real estate counsel to the Sellers of the Park ‘N Fly business, a transaction with an aggregate consideration of $381 million
  • Acted for the buyer on a $58.1 million leveraged sale/leaseback transaction of a manufacturing/distribution portfolio
  • Acted for the buyer on a $92 million apartment portfolio acquisition


1975 - LL.B., McGill University
1974 - B.C.L., McGill University
1971 - B.A., Loyola College, Montréal


50 Best Lawyers in Canada of Corporate INTL Magazine (2011)

Best Lawyers in Canada® - Real Estate Law (nominated each year from 2011 to 2020)

Chambers Global in Real Estate - Leaders in their field (2014, 2015, 2016)

Chambers Canada Guide - Real Estate Law (2016, 2017, 2018, 2019 and 2020) ("Band 3" in Québec)

Canadian Legal Lexpert® Directory (most recent acknowledgment in the 2019 edition as a Montreal Leading Practitioner “Consistently Recommended” in Property Leasing and “Repeatedly Recommended” in Property Development)

Cross-Border Corporate Real Estate Handbook – Recommended practitioner

Guide to the 500 Leading Lawyers in Canada de Lexpert® (2012)

Martindale Hubbell AV since 1999

The International Who's Who of Real Estate Lawyers - World's leading Real Estate Lawyers (2012)

Canadian Who's Who (2011, 2013, 2014, 2015, 2018)

Who's Who Legal Canada, The International Who's Who of Business Lawyers (2013)

Who's Who Legal: Real Estate (2018, 2019 and 2020)

Professional Affiliations

  • Québec Bar
  • Urban Development Institute of Québec
  • Quebec Provincial Chair and Canadian Co-Chair of the American College of Mortgage Attorneys
  • Member of the Title Insurance Committee of the American College of Mortgage Attorneys (2018)
  • ICSC
    • Judge for the ICSC Foundation JTR Scholarship (2018)
    • Ambassador - Canada division
    • Past Member of the State/Provincial Government Relations Advisory Group
    • Past Government Relations Chairman, Québec (1999 - 2006)
    • Past Government Relations Chairman, Canadian division (2002 - 2006)
  • Center of International Legal Studies, honorary member of the Association of Fellows and Legal Scholars
  • Georgetown University Law Center, Advanced Commercial Leasing Program, former Board and Faculty member


October 2016 – Panelist, Landlord & tenant rights and remedies: issues that you need to understand in today’s market, Montréal Real Estate Strategy & Leasing Conference
June 2012 - Advanced Sub-Leasing, The Canadian Institute
June 2011 - Reciprocal Servitudes and Operating Agreements with Shadow Anchor Retailers, The Canadian Institute
June 2010 - Sale-Leaseback Transactions, The Canadian Institute
November 2009 - Money Laundering and the Real Estate Business, The Canadian Institute
February 2008 - Essential Considerations when Negotiating Leases for Power Centres, The Canadian Institute, 4th Québec Forum on Commercial Real Estate
February 2007 - Sale-Leaseback transactions involving Single Occupancy Credit Tenants: Balancing the interests of the Landlord, the Tenant and the Securer Lender, The Canadian Institute Québec Forum on Commercial Real Estate
Fall 2006 - Section 10 of the Canada Interest Act and Over Five-Year Closed Mortgage Loans: Making Sense of Outdated Legislation, ICSC Shopping Center Legal Update
October 2006 - Section 10 of the Canada Interest Act and Over Five-Year 
June 2006 - Commercial leases for megashopping centres, The Canadian Institute
April 2005 - Parking tax: where are we now and what can we expect?, The Canadian Institute
November 2004 - Government Relations Updates, ICSC Canadian Law Conference
October 2003 - Phased Development Workshop, ICSC US Law Conference
2003 - Protecting a Major Retailer's Exclusivity by Servitude Achievable in Québec, ICSC Shopping Center Legal Update
2002 - Municipal Mergers in the Province of Québec, ICSC Shopping Center Legal Update
May 2001 - How The Super C Judgments affect the Quebec Shopping Centre Industry, Canadian Bar Association, Québec Division - Real Estate Section
2000 - Doing Business in Canada, ICSC, US Law Conference
2000 - Commercial Lease Registration in Québec: Reversing the Adverse Effects of Judgments through the Legislative Process, ICSC Shopping Center Legal Update


November 2011 - Section 10 of the Canada Interest Act and closed mortgage loans exceeding five years: Anatomy of a legislative change, De Grandpré Chait Newsletter
November 2010 - Precision drafting : Making the clauses reflect intent, De Grandpré Chait Newsletter
January 2010 - Power centre leases: Landlord or tenant alterations, De Grandpré Chait Newsletter
October 2009 - Power centre leases: Assignment, subleasing and change of control, De Grandpré Chait Newsletter
May 2009 - Money Laundering Act: Real estate developers' new burden, De Grandpré Chait Newsletter
May 2009 - Power centre leases: Use - Exclusivity, De Grandpré Chait Newsletter
February 2009 - Power centre leases: Introduction and general rules, De Grandpré Chait Newsletter
January 2009 - Power centre leases: Cost sharing issues, De Grandpré Chait Newsletter
May 2008 - Sale-leaseback transactions (available in French only), De Grandpré Chait Newsletter
March 2003 - Protecting a major retailer's exclusivity by servitude