//CASE STUDY


SALE & LEASE OF 2 MURRAY STREET, TORONTO


Overview:

Paul brokered a purchase and full lease up of over 80,000 square feet of space at George Brown College’s Former Nightingale campus building situated at 2 Murray Street In Toronto on behalf of clients London Property Corp and Ivest Corporation.

Details:

Represented the purchasers for the acquisition of a 3 million dollar institutional college campus building in downtown Toronto.

  • Purchaser initially intended to use existing 6 story residence space at top of the building to house University of Toronto students.
  • Main floor space consisting of a cafeteria, gymnasium and library approximately 12,000 square feet as well as the second story classroom space of over 15,000 square feet were brought to market for lease along with an exiting multi-level day care.
  • Several offers were procured from day-care operators, caterers, private schools and a large gym.
  • Paul found an institutional tenant and built a strong case for them to use the entire building.
  • All other offers were held conditionally while Paul worked to solidify a 25 YEAR deal with TCHC (Toronto Community Housing Corporation) for the entire building.
  • Due to time constraints Paul reached out and received assistance from the mayor of the City of Toronto and various City councilors, including Olivia Chow.

Result:

In less than 2 months from initial contact with the Tenant, a Lease was successfully completed for a term of 25 years. The purchaser’s original plan for student housing was changed to accommodate the lessors use of the entire 80,000 square foot building.