Menkes Developments Ltd has expanded its relationship with TD Greystone Asset Management and is pleased to announce the acquisition of an interest in 320 Bay Street, a heritage building prominently situated on the southwest corner of Bay and Adelaide streets. According to Menkes, the investment reflects the Company’s commitment to deliver progressive and innovative workspace in downtown Toronto.
This transaction will result in a major restoration of the building, improving the quality and service of the space, while preserving its history and architectural elements. Menkes has exciting plans for a street level re-imagination of the building. The revitalization of the 270,000 square foot space will include significant electrical and mechanical upgrades.
The building, designed by prominent Canadian architect Henry Sproatt, originated as the Canada Permanent Trust Building.
“We think this development will have a unique place in the market, as there is nothing like it in the core right now,” said Peter Menkes, President Commercial/Industrial. “It will offer a cutting- edge work environment, redesigned to meet the growing demand for creative office space in Toronto, and will allow companies to occupy a historical, landmark property. Menkes does not currently have a heritage building in its office portfolio, so this is very exciting for us.”
The renovation of 320 Bay Street will add much needed office supply catered to the growing tech sector in the Financial District. The revitalization will take place over the next 12-18 months, with occupancy in 2020.
“On behalf of our institutional clients, TD Greystone would like to thank and commend Triovest Realty Advisors for its exceptional management of 320 Bay Street since 2010. With this transaction, we are extremely excited to embark on the next phase for 320 Bay and broaden our relationship with Menkes,” said Jeff Tripp, Managing Director, Real Estate Investments, TD Greystone.