City of Toronto proceeds with sale of Metro Hall|
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Corporate Services -- The City of Toronto today announced that it is proceeding
immediately with the marketing of Metro Hall, the office tower at 55 John
Street, which currently houses 2600 City of Toronto staff.
As part of the City's Master Accommodation Plan (MAP), City Council adopted a
recommendation that Metro Hall be declared surplus and that proceeds from the
sale be applied to the 2002 capital budget after the costs of relocating staff
elsewhere across the City have been covered.
The City has retained and instructed Royal LePage Commercial Inc. and CIBC
World Markets Inc. to offer Metro Hall for sale with a date of November 22,
2001 for the City's receipt of offers. The property is officially on the market
as of today. The formal Notice of Sale will appear on October 26, 2001 and
advertisements concerning the sale will appear within the week. Offers to
purchase will be reviewed by City Council.
Any deal for the sale of Metro Hall would include leaseback conditions for
office space in the building, ensuring that the City would be a tenant for an
interim period. This would allow sufficient time for the City to either
construct or purchase Class B office space in the downtown area.
Metro Hall is Class A downtown office space. The gross rentable square footage
is 729,750 square feet.
J. Wayne Rogers, Vice President and Director, Royal LePage Commercial Inc., the
broker directing the marketing program, believes Metro Hall will be well
received by real estate investors. "Despite the economic slowdown, there is an
extreme shortage of large blocks of Class 'A' office space in downtown
Toronto," said Rogers. "Qualified purchasers are looking for investment
opportunities with large and predictable blocks of space, which is what Metro
Further information: www.torontometrohall.com.