TORONTO — Menkes Developments Ltd. recently announced it has acquired an interest in the heritage building at 320 Bay St. in Toronto with the intention of doing a major renovation.
A Jan. 10 statement said Menkes is working with TD Greystone Asset Management on the project, which it says will “deliver progressive and innovative workspace in downtown Toronto.”
The building is located on the southwest corner of Bay and Adelaide streets.
Menkes said it intends to preserve the history and architectural elements of the building, which was originally designed by Canadian architect Henry Sproatt as the Canada Permanent Trust Building. There will be a street level “re-imagination” of the building and renovation of the 270,000-square-foot space that will include significant electrical and mechanical upgrades.
The reno will take place over the next 12 to 18 months, with occupancy in 2020.
“We think this development will have a unique place in the market, as there is nothing like it in the core right now,” said Peter Menkes, the firm’s president of commercial/industrial, in the statement. “It will offer a cutting-edge work environment, redesigned to meet the growing demand for creative office space in Toronto, and will allow companies to occupy a historical, landmark property. Menkes does not currently have a heritage building in its office portfolio, so this is very exciting for us.”
“On behalf of our institutional clients, TD Greystone would like to thank and commend Triovest Realty Advisors for its exceptional management of 320 Bay Street since 2010. With this transaction, we are extremely excited to embark on the next phase for 320 Bay and broaden our relationship with Menkes,” said Jeff Tripp, managing director for real estate investments with TD Greystone.
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