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The city-owned Toronto Port Lands Company has sold a waterfront property for $186 million to a subsidiary of television and radio broadcaster Corus Entertainment Inc. (TSX: CJR.B), which is the main tenant in the building. Corus said the same day it has sold the building to H&R Real Estate Investment Trust.
The city-owned Toronto Port Lands Company announced today it has sold a waterfront property for $186 million to a subsidiary of television and radio broadcaster Corus Entertainment Inc. (TSX: CJR.B) , which is the main tenant in the building. Corus said today it has sold the building to H&R Real Estate Investment Trust.
The property, dubbed Corus Quay, is located at 25 Dockside Drive on the shore of Lake Ontario west of Sherbourne Street. Its operations include the studios for the CFNY and CILQ radio stations, better known as “The Edge” and “Q107” respectively.
“As one of the most significant commercial developments in the City's new downtown waterfront neighbourhood, Corus Quay was a catalyst in transforming a former derelict industrial site to a new destination for Torontonians,” Toronto Port Lands stated in a press release. “More than 1,000 employees now work here in desirable knowledge-based and creative jobs.”
The building, designed by Diamond & Schmitt Architects, is located next door to the waterfront campus of George Brown College, which will house the school’s health sciences program.
Corus Quay is certified gold under leadership in energy and environmental design (LEED). In addition to the CFNY and CILQ FM radion stations, Corus Entertainment also operates 630 CHED, CKNW AM 980, CJOB 68 and Country 105. Its television stations include YTV, Treehouse, Nickelodeon (Canada), 50-per-cent stakes in Teletoon and Teletoon Retro, W Network, Cosmopolitan TV, OWN: Oprah Winfrey Network (Canada), W Movies, CMT (Canada), Sundance Channel (Canada), DUSK and Telelatino.
Corus said in a press release it has extended its 20-year lease with new owner H&R REIT, which owns 40 office, 117 industrial and 133 retail properties comprising over 43 million square feet, with a net book value of approximately $6.0 billion. Major H&R properties in Ontario include:
• Atrium on Bay, a retail and office complex of more than one million square feet which takes up the entire block bound by Bay, Dundas, Edward and Yonge Streets;
• 160 Elgin Street in Ottawa, with Bell Canada as a major tenant;
• 310, 320 and 330 Front Streets, across from the Metro Toronto Convention Centre with Royal Bank of Canada as a major tenant;
• 25 Sheppard Avenue West near Highway 401 and Yonge Street in Toronto, with Nestle Canada and Transcontinental Media as major tenants; and
• The Bell Mobility building at 5099 Creekbank Road in Mississauga, in a business park west of Highway 427 and south of Highway 401.
DCN DIGITAL MEDIA
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