Skip to main content

The Globe and Mail

Globe and Mail’s head office site sold to three real estate firms

The Globe and Mail building at 444 Front Street West in Toronto.

Kevin Van Paassen/The Globe and Mail

A trio of real estate firms have struck a deal to buy the nearly 6.5-acre downtown Toronto site on which The Globe and Mail's headquarters sits.

The site near Front Street West and Spadina Avenue, which currently includes office space and parking spots, will be redeveloped into a large retail, office and residential complex.

It is being bought for $136-million by RioCan Real Estate Investment Trust and Allied Properties Real Estate Investment Trust, which will each hold 40 per cent, and Diamond Corp., which will own the remaining 20 per cent.

Story continues below advertisement

In a news release RioCan chief executive Edward Sonshine said the property is one of the largest underdeveloped contiguous parcels of land in downtown Toronto.

The deal is expected to close in December. The property is being sold by Osmington Inc. (David Thomson is the majority owner of Osmington. The Thomson family holds a controlling 85 per cent interest in The Globe and Mail through Woodbridge Co. Ltd. The Globe is moving to a new building on an adjacent site.).

Osmington had previously struck a deal with Mattamy Homes, which intended to put as many as seven or more condo towers on the property. But Mattamy backed away from the agreement amid increasing concern over the health of Toronto's condo market.

Report an error Licensing Options
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨