TORONTO — Allied Properties REIT has signed a deal to lease a portion of the building that houses CBC’s head office in Toronto and plans to spend US$30-million to upgrade the property before renting the space to other clients.The real estate trust said Friday the 49-year agreement includes 168,000 square feet at the Canadian Broadcast Centre. It’s at 250 Front St. W. in downtown Toronto, near the Rogers Centre sports stadium and landmark CN Tower.Allied said the space will be marketed to telecommunications and technology clients due to its proximity to the trust’s property at 151 Front St. West, where a key Internet hub for North America is located.“This transaction will enable us to expand our specialized facilities by nearly 50% with a relatively modest capital outlay,” Allied Properties president and chief executive Michael Emory said in a statement.[np-related]“On completion, the new facility will boost the profitability of our business by enabling us to continue to meet the specific and expanding space requirements of our telcom and IT tenants.”Financial terms of the agreement were not immediately available, but Allied said the lease term will begin on March 8, 2013, with an extensive rent-free period at the start.CBC has been looking for tenants for office space it owns across the country in a bid to generate revenue that would help it cover a multimillion shortfall.Hubert Lacroix, president and CEO of CBC/Radio-Canada, said earlier this week that the TV and radio broadcaster hopes to generate $50-million through various measures that include putting ads on Radio 2 and leasing more than 74,000 square metres of real estate by 2017.The CBC already leases space to Disney and Boston Pizza in its Toronto headquarters.Allied owns several buildings in the neighbourhood that are connected by fibre optic cable to 151 Front that includes 340,000 square feet of specialized space for telecommunications and technology tenants.The trust said it will seek similar tenants after it completes upgrading the space in the CBC building.Allied Properties owns and manages a portfolio of office properties in Quebec City, Montreal, Ottawa, Toronto, Kitchener, Ont., Winnipeg, Calgary, Edmonton, Vancouver and Victoria.Units in the trust were up a nickel at $28.35 in trading on the Toronto Stock Exchange on Friday.The Canadian Press