VANCOUVER, June 2, 2017 /CNW/ - QuadReal Property Group (QuadReal) announces that it has entered into an unconditional agreement to acquire 56 Yonge Street in Toronto, which is currently the site of the Hotel Victoria. This property is located immediately adjacent to the iconic Commerce Court office complex.
"The vision for Commerce Court is to build upon the heritage, success and highly connected nature of its location," said Remco Daal, President, Canadian Real Estate, QuadReal. "This acquisition provides a connection to Yonge Street and positions us to influence future development of the remainder of the block." The team's collaboration with the City to advance a master plan of distinction will continue.
The acquisition is scheduled to close on June 28, 2017. As part of the terms of the transaction, the current owner will continue to operate the Hotel Victoria. No other terms of the transaction will be released.
About Commerce Court
Commerce Court is a rare complex that connects and inspires the worlds of business and architecture. Its history reaches back to 1931 when at that time the North Tower, designed by the firm Pearson and Darling, was the tallest building in the British Empire and today remains a historical Beaux-Arts jewel. I.M. Pei designed the other three modern buildings - Commerce Court West, East and South. With Pei's understanding and foresight that buildings must be designed with an efficient floor plate so as to serve the practical needs of today and the unknown potential of the future, Commerce Court remains a marvel and showpiece in the heart of Toronto's financial district - rich in tradition, focused on the future. bcIMC acquired Commerce Court in 2000. See more at: http://www.commerce-court.com
QuadReal is a global real estate company with managed assets totaling more than $18 billion, including some of Canada's most well-known properties. Headquartered in Vancouver, British Columbia, QuadReal is owned by bcIMC, one of Canada's largest institutional investors, and was established to manage its real estate assets. QuadReal is a Canadian investment and management company that operates in a global market. It aims to deliver prudent growth and strong investment returns and to create and sustain places that bring value to everyone – not just for now, but for the benefit of future generations.
For further information: Media contact: Shaun Little, [email protected]