123 Eglinton Avenue East, Toronto

A site of regular dimensions improved with an obsolete and vacant 155,568 square foot office building. The highest and best use for the property was unclear and needed to be tested in the market place.

What We Have Learned
The successful sale was the result of an aggressive marketing program offering the market a dual development option: a residential conversion option or a full redevelopment option. Multiple offers were generated in both development scenarios. The 155,568 square foot office building was ultimately torndown to be replaced with a 183 unit residential condominium project. A density participation formula was negotiated to maximize the final price.

“…Now that we’ve successfully completed the sale of our former Canadian Headquarters Facility at 123 Eglinton Avenue East in Toronto, I want to express to you my appreciation for the excellent job you did guiding us through this complicated transaction. Your patience and expertise through some difficult moments during the negotiations were a sign of true professionalism…”

Garland G. Warren
Union Carbide Corporation

P.G. GAGNÉ COMMERCIAL REAL ESTATE CORP., Brokerage, 220 Bay Street, 9th Floor, Toronto, Ontario, M5J 2W4 • Tel: 416-955-1885 Fax: 416-862-2136 • pierre@gagnerealestate.ca