GTA office building sales led all investment classes in Q3, accounting for $578M, or 29% of total market activity, according to Avison Young. Here are the quarter’s five biggest deals.
1. Liberty Centre
Purchase price: $111.5M
Buyer: Fiera Properties
Seller: IBM Canada Ltd
Significance: A 552k SF, six-storey building built in 1982, Liberty Centre at 3500 Steeles Ave E (at Victoria Park) served as IBM’s HQ before the company moved across the road to 3600 Steeles Ave E.
2. 70 York St
Purchase price: $110M
Buyer: Anbang Insurance Group
Seller: Brookfield Office Properties
Significance: Beijing-based Anbang, which bought New York’s Waldorf Astoria last year, acquired a land lease interest in the 17-storey, LEED EB:O&M Gold tower, also known as the HSBC Building.
3. Evton Capital Partners portfolio
Purchase price: $93.5M
Buyer: Slate Properties
Seller: Evton Capital Partners
Significance: Deal involves three properties: 5075 Yonge St (86.5k SF), acquired for $31M; 1 St. Clair Ave W (85k SF), bought for $33.5M; and 2323 Yonge St (67.4k SF), seen above, snapped up by Slate for $29M.
4. King James Place
Purchase price: $59.5M
Buyer: Northam Realty Advisors
Seller: Woodcliffe Corp
Significance: Redevelopment of 133-145 King St E incorporates some of TO’s oldest buildings in a mostly intact 19th-century streetscape. New structure won Governor General’s Award for Architecture.
5. 600 Cochrane Dr
Price: $30.3M
Buyer: 0910448 B.C. Ltd
Seller: Crown Realty Partners
Significance: A five-storey, 100k SF building completed in 2001, the property was part of a portfolio acquisition made by Crown earlier this year, together with 575 and 675 Cochrane Dr (aka Trillium Executive Centre).
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