Toronto Commercial Properties

One of Toronto's Oldest Buildings Set to Change Hands

One of Toronto’s Oldest Buildings Set to Change Hands

Mar 6,2024 1 Comment on One of Toronto’s Oldest Buildings Set to Change Hands By The Lilly Commercial Team

Local Group To Buy Historic Flatiron Building for $15.4 Million

One of Toronto’s oldest buildings is about to change hands with a local buyer group set to pay $15.4 million to purchase the Gooderham Flatiron Building at 49 Wellington St. E, according to a source with knowledge of the pending sale.

George Gooderham built the historic red brick building, which dates back to 1892, and it originally housed the head offices of Gooderham & Worts Distillery until 1952. The property was sold by the Gooderham estate in 1957.

CoStar data lists the current owner as Toronto-based real estate development firm Commercial Realty Group. The Flatiron Building is one of eight properties profiled on the company’s website.

“Thanks to Commercial Realty Group’s passion for preserving the past and empowering the future, the firm has rescued numerous properties from being lost to time and neglect, and potentially experiencing a radical modernization, or being demolished with disregard for the historical integrity of our province,” the real estate company says on its site.

The president and founder of Commercial Realty Group is Clayton Smith, who started his career with Oxford Properties Group.

Commercial Property Group could not be reached to comment.

Tenants in the building include Sheppard Services, Lexsage, Commercial Realty Group and Snowden LLP, according to CoStar data.

The building was declared a historic site under the Ontario Heritage Act in 1975 and it was restored in 1998.

According to a source, the buyer is said to be Lee Chow Group, a Toronto-based company that describes itself as a boutique real estate investment firm. Officials with the company could not be reached to comment.

Source CoStar. Click here to read a full story.

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