I heard a a rumour that this building has been sold to a developer and the province is moving their workers out.
Anybody heard anything?
Anybody heard anything?
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720 Bay Street
- Thread starter Edward Skira
- Start date
taal
Senior Member
Did anyone see this article in the global & mail: https://www.theglobeandmail.com/canada/article-ontario-government-office-buildings/
Which really does not make any sense to me - also would it not contradict the above to a degree ? i.e. why would they be looking to buy offices particularly if they're moving out of existing buildings and trying to reduce foot print.
Which really does not make any sense to me - also would it not contradict the above to a degree ? i.e. why would they be looking to buy offices particularly if they're moving out of existing buildings and trying to reduce foot print.
Sold by Dream in Jan 2023 for $135m to Alexandria Real Estate Equities.
Northern Light
Superstar
Yes.
The entire MacDonald Block was vacated for the restoration work, and as such right now, many offices are hither and yon.
This is the government moving back to the Queen's Park district as much as is practical. Because they moved all over the place, several years ago, they have more ft2 than they need, because they're in so many different buildings.
Consolidating should save space. But because they've been gone so long, the growth in the civil service now exceeds the available space on campus, so they need an extra building or two, unless they choose to go ahead and build new, which it seems they don't want to do, for now.
DSC
Superstar
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They also have a policy of moving some offices out of Toronto so that 'the folks' can have good local jobs.
taal
Senior Member
Makes sense, but then why vacate 720 Bay ?
Northern Light
Superstar
Not sure of the specifics on that particular building.
maestro
Senior Member
In my experience, large block of space relocate because the office space is in tatters. Moving people around renovating a floor or half a floor at a time is less than ideal.
Office portfolios are experiencing billion dollar writedowns. It's a good time to buy or find a better lease deal.
Office portfolios are experiencing billion dollar writedowns. It's a good time to buy or find a better lease deal.
taal
Senior Member
Ah ok - I could see that for sure, maybe easier to get a large contiguous space - renovate it all (if it isn't in move-in condition, which I doubt it would be, from what I can see prime new build office space is still going for a decebt premium rental rate wise) and then move to it.
If we think we're at the bottom - time to buy AP-UN.TO ?
Half kidding.
If we think we're at the bottom - time to buy AP-UN.TO ?
Half kidding.
MessiGoat
New Member
Interesting. I believe Alexandria Real Estate Equities mainly buys and develops laboratory and life science research facilities. 720 Bay has good proximity to Hospital Row.
A link to the company website if anyone is interested: https://www.are.com/about.html
Bayer
Senior Member
It's been the headquarters of the Attorney General for at least 30 years; I don't even think there has ever been other tenants since it was built in 1989.
rdaner
Senior Member
Interesting. I know that research firms need very high ceilings. How high are the floors here?
oresama
Active Member
I believe announcements have been made to staff at 720 Bay that the Attorney General will be moving to 483 Bay Street next year in the fall
Northern Light
Superstar
Correct.
They were involved in Mars Phase II until they needed a provincial bail out to make it happen.