TORONTO — QuadReal Property Group has announced the purchase of the Hotel Victoria property at 56 Yonge St. in Toronto with indications the deal has connections to possible future development of the Commerce Court office block.
The eight-storey hotel opened in 2009 as the Hotel Mossop. It has been designated a heritage building by the City of Toronto and is located immediately adjacent to Commerce Court, which is owned by fund managers British Columbia Investment Management Corporation (BCIMC). QuadReal is headquartered in Vancouver and is also owned by the BCIMC.
"The vision for Commerce Court is to build upon the heritage, success and highly connected nature of its location," said Remco Daal, president of Canadian real estate, QuadReal, in a statement. "This acquisition provides a connection to Yonge Street and positions us to influence future development of the remainder of the block."
QuadReal is currently working with the City of Toronto on a master plan for the block, notes a media statement from the firm.
The acquisition is scheduled to close June 28. 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.
The history of Commerce Court dates to 1931 when, at that time, the North Tower, designed by the firm Pearson and Darling, was the tallest building in the British Empire. It today remains a notable Beaux-Arts landmark, said QuadReal. I.M. Pei designed the other three modern buildings — Commerce Court West, East and South.