Ontario government getting out of the landlord business
'Private sector can manage office space better and at a lower cost,' government says, joining corporations that don't want to own real estate if it's not their core business
The removal of hoardings a few weeks ago revealed Infrastructure Ontario’s $100-million facelift of Toronto’s unique upside-down pyramid building at 222 Jarvis St.Wallace Immen/The Globe and Mail
Formerly the headquarters for Sears Canada, the nine-storey building was constructed 40 years ago in the Brutalist style. The provincial government purchased it in 2007.Wallace Immen/The Globe and Mail
A new multi-storey glass curtain on the facade flattens the building’s profile from the street and lets light shine into an expanded atrium lobby.Wallace Immen/The Globe and Mail
After spending $100-million on the renovation that brings the office building up to LEED Silver standard, the provincial government has announced its intention to sell the property, and lease it back.Wallace Immen/The Globe and Mail
The sale-leaseback trend has seen public and private property owners across Canada unlocking the capital trapped in real estate holdings. Immediate cash and long-term savings are the rationale behind the Ontario government’s plan to deacquisition this building and seven others in St. Catharines, Guelph, Oshawa, Sudbury, North Bay, Thunder Bay and Peterborough.Wallace Immen/The Globe and Mail