Toronto’s Flatiron Building sold

The Commercial Realty Group is the proud new owner of the landmark Flatiron Building located at 49 Wellington Street East in downtown Toronto. Headed by Clayton Smith, with acquisition funding from Timbercreek Mortgage Investment Corporation, The Commercial Realty Group paid $15,290,000 or $797 per square foot, for the building.

The search for prospective tenants now begins, and a call for offers from potential tenants will be requested February 8th, 2012.

The Flatiron Building will be the flagship of The Commercial Group’s portfolio of heritage buildings purchased and restored in the downtown core. This is the sixth such building in Toronto’s downtown core owned by Clayton Smith.

“The Flatiron Building is a true Canadian icon and it’s arguably the heart of the St. Lawrence Market neighbourhood,” says Smith. “I’m eager to preserve its beautiful, historic warmth and to blend it with all the modern comforts and amenities.”

Also known as the Gooderham Building, the Flatiron Building was originally built in 1892 by architect David Roberts Jr. for George Gooderham, former president of the Bank of Toronto and owner of Gooderham and Worts distillery. The building fell into obscurity during the mid-20th century, but it was was completely restored and maintained in the late 1990s by the late Paul Oberman of Woodcliffe Landmark Properties, a Toronto real estate developer who prized the value of architecture and who fought to preserve the city’s historic buildings.

Located at the junction of Front and Wellington Streets, the sandstone building is in a Romanesque and Gothic revival-style with a circular tower at its apex. The property comprises a total commercial rentable area of 19,193 square feet throughout its five storeys and raised basement. The interior of the Flatiron Building is known for its uniquely shaped offices which feature exceptional views that look directly upon Toronto’s St. Lawrence Market District and the downtown office towers.

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