Yes, Automation Gallery is correct. 205 Yonge was formerly owned by the City, as was the Massey Tower parcel at 197-201 Yonge. The City acquired the properties in the late 1980s as part of its (since abandoned) "Theatre Block" initiative. For a time, 205 Yonge housed the Toronto Historical Board, and later Heritage Preservation Services and Heritage Toronto (Heritage Toronto used a diagram of the front facade of 205 Yonge as its logo for quite some time). 197-201Yonge was sold to Parasuco in 1999. When heritage staff were relocated in 2001, and no other City department, agency or board showed any interest, 205 Yonge was declared surplus in early 2002 and Council agreed to a sale later that year. It was claimed at the time that the sale of the property would "
further Council’s goal of the revitalization of Yonge Street". As 205 Yonge remains empty almost 15 years later, that goal appears to not to have been met.