QuadReal Property Group, the real investment arm of bcIMC, has entered into an unconditional agreement to acquire 56 Yonge Street in Toronto, which is currently the site of the Hotel Victoria. Financial terms of the transaction are not disclosed.
The acquisition is scheduled to close on June 28, 2017. As part of the terms of the transaction, the current owner will continue to operate the Hotel Victoria.
This property is located immediately adjacent to the iconic Commerce Court office complex. bcIMC acquired Commerce Court in 2000.
“The vision for Commerce Court is to build upon the heritage, success and highly connected nature of its location,” said Remco Daal, President, Canadian Real Estate, QuadReal. “This acquisition provides a connection to Yonge Street and positions us to influence future development of the remainder of the block.” The team’s collaboration with the City to advance a master plan of distinction will continue.
Commerce Court’ history reaches back to 1931 when at that time the North Tower, designed by the firm Pearson and Darling, was the tallest building in the British Empire and today remains a historical Beaux-Arts jewel. I.M. Pei designed the other three modern buildings – Commerce Court West, East and South.
photo credit: Google