Tuesday, March 13, 2012

Corus Entertainment buys its HQ from Toronto, then immediately resells it

The lakeside office property that is headquarters for Corus Entertainment Inc. has been sold for $186 million to H&R Real Estate Investment Trust.
Corus, which is one of Canada’s largest radio and television companies, acquired the property from the government-owned Toronto Port Lands Co. and immediately resold it for the same amount to H&R.
The media company will continue to be the main tenant at 25 Dockside Dr., also known as Corus Quay.
The technically advanced building was completed in 2009 to house the various Corus businesses that had been in various locations throughout Toronto.
Corus Quay is also part of a revitalization of Toronto’s waterfront.
As part of the agreement between Corus and H&R, the media company will extend its original 20-year lease term at the property and have options to renew its lease for an additional 20 years.

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