Woodcliffe Landmark Properties

October 11, 2011 08:00 ET

Downtown Toronto Icon Hits the Market: Historic Flatiron Building For Sale

TORONTO, ONTARIO--(Marketwire - Oct. 11, 2011) - A Toronto landmark, and one of the most photographed buildings in Canada, is now for sale.

The historic Flatiron Building, also known as the Gooderham Building, is located in the heart of the bustling St. Lawrence Market neighbourhood.

The Flatiron Building is a landmark symbol of Toronto's heritage. It 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, as their corporate headquarters.

The building fell into obscurity during the mid-twentieth century, but it was meticulously restored and maintained by the late Paul Oberman of Woodcliffe Landmark Properties, a Toronto real estate developer who valued the preservation of heritage buildings and who fought to preserve Toronto's historic structures. Mr. Oberman was the driving force behind the reinvention and maintenance of such cherished buildings as the North Toronto train station, now known as the Summerhill LCBO, The Shops at Summerhill and King James Place across from St. James Catherdral.

Last week, Mr. Oberman was honoured posthumously by Heritage Toronto for his many contributions to Toronto's urban landscape.

"The decision to sell the Flatiron Building now stems from its current status. For the first time in 100 years, the entire office component is available in its entirety," says Eve Lewis, Mr. Oberman's widow and current CEO of Woodcliffe. "This presents an opportunity for a company to own and occupy one of the most iconic heritage office buildings in Canada."

As a result of Mr. Oberman's care and dedication, the Flatiron Building's many historic architectural features have been well maintained, keeping it one of Canada's most well preserved architectural icons.

Located at the junction of Front, Wellington and Church Streets, at 49 Wellington Street East, and adjacent to the downtown financial district, the triangular sandstone building is in a Romanesque and Gothic revival-style. A circular tower tops the apex of the building.

The property comprises a total commercial rentable area of 19,193 square feet throughout its 5-storeys and raised basement. The Flatiron Building occupies a triangular-shaped site, from which it inherited its unique 'iron-like' form. High-quality carvings on the exterior of the building accent its windows, which are single-glazed set in wood frames. The interior build outs consist of a high-quality design in a "brick and beam" setting.

The sale of this iconic building represents an extremely rare opportunity for both a user to occupy some or all of the premises, or an investor to capitalize on excellent market fundamentals. The irreplaceable location and rich history ensure that the Flatiron Building will continue to command rents that are on par with the triple "A" office towers in the financial core of downtown Toronto from tenants seeking the exclusivity of a historical and famous address.

The Owners retained Brookfield Financial Real Estate Group to oversee the sale of the Flatiron Building, who have established a deadline for bids on October 27, 2011.

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