National Post will move to Greenwin Square

The National Post newspaper and the offices of its parent company, Postmedia Network, will move to the Greenwin Square property on Bloor Street East. Greenwin Square is both an office tower and a shopping mall which sits on the south side of Bloor between the Mt Pleasant extension and Sherbourne Street. It is an imposing building of some 19 storeys.  The move is necessary because Postmedia's present home at 1450 Don Mills Road has been sold to raise capital. It is expected to fetch about $24 million dollars, cash badly needed by Postmedia . The newspaper chain also owns the Ottawa Citizen, Calgary Herald and Montreal Gazette.  The lease runs for 15 years beginning at New Years.  Postmedia has continued to lose money in the ever more difficult newspaper business and has debt of approximately $500 million