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Brookfield Sells Iconic Queens Quay Terminal Offices in Toronto for $261 Million Amid Surging Demand

Northam, Alliance Acquire 500,000-Square-Foot Mixed-use Building at Harbourfront Centre on Lake Ontario
October 5, 2018

Brookfield has sold Queens Quay Terminal in Toronto to Northam Realty and Industrial Alliance Financial Group.

Brookfield Properties sold the iconic Queens Quay Terminal office building on Toronto’s waterfront for $261 million amid increased demand for residences and workspaces in the area.

Officials with Brookfield could not be reached for comment but the real estate company counts the building at 207 Queens Quay West on Lake Ontario among its holdings, and last week Northam Realty Advisors said it had acquired the building in a 50/50 joint venture on behalf of one its funds. Northam will act as the property manager on behalf of co-owners that include the fund and Industrial Alliance Financial Group.

"Queens Quay Terminal is a Toronto Waterfront landmark and a longstanding centrepiece in Toronto's Downtown South Core, where a vibrant office and residential market is flourishing," said Northam in a prepared statement. Eight levels of the building being purchased are 99.8 percent leased.

Officials with Northam, which was founded in 1971 in Canada and has offices in Toronto, Luxembourg and Frankfurt, Germany, could not be reached for comment. The purchase is being made for the Northam Canadian Commercial Property Fund II FCP-FIS.

Brookfield Properties, the real estate arm of Brookfield Asset Management, counts the waterfront complex among the 200 million square feet it manages globally.

On its website, Brookfield notes the building has 12 floors, but that includes four levels of condominiums. The office component is 428,984 square feet and the retail is 53,524 square feet, according to the Brookfield site.

The Queens Quay Terminal was originally constructed in the 1920s as a dry-storage shed for merchandise and cold storage. Then known as the Terminal Warehouse Building, the massive industrial site was redeveloped in the 1980s for office, retail and condominiums.

For more information on the transaction, please see CoStar Comp #4535061.

Editor's Note: This story has been updated to include the sale price and the seller.

Garry Marr, Toronto Market Reporter  CoStar Group   
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