The Commercial Realty Group

December 14, 2011 17:27 ET

Toronto's Flatiron Building Sells

Commercial Realty Group Purchases Downtown Icon

TORONTO, ONTARIO--(Marketwire - Dec. 14, 2011) - The Commercial Realty Group is pleased to announce it has purchased a 100 percent interest in 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.

Brokers and prospective tenants will be invited to tour the building throughout the month of January 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, which he has 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-twentieth century, but it was lovingly restored and maintained 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.

Eve Lewis, president of Woodcliffe Landmark Properties, reflected on the sale of the Flatiron.

"I love the building, however, I am grateful that Mr. Smith is someone who will respect the building's integrity and retain its heritage," Ms. Lewis said.

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 5-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. The property was completely restored in the late 1990's, and today features some of the finest office space in Toronto's Financial Core, blending functional, trend-setting work space within a "brick and beam" setting.

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

Brookfield Financial Real Estate Group was retained by the owners to manage the sale process of the Flatiron Building.

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