Yes, but it is absolutely routine for a lease of commercial premises to include as "rent" a straight pass-though of the amount of municipal tax payable by the owner. Thus, in the absolutely routine case, a reduction of the municipal tax payable by the owner benefits the tenant. There seems no reaosn to think that Apollo would have a lease the terms of which deviate wildly on this subject.
As an illustration, in practice many municipal tax assessment appeals are launched by tenants of commercial premises to seek to reduce the amount of municipal tax that will be passed through to them by the owners; when, as is entirely normal, the owner can pass the expense through, the party with the ultimate economic interest in the municipal tax bill is the tenant. For example, some years ago a large number of tenants of the TD Centre (owned by a sub of Cadillac-Fairview at the time) fought and won a municipal business tax appeal; they carried on the appeal precisely because the benefit of the win enured to them, but lessening the amount of municipal taxes passed through to them as part of their "rent".