QuadReal Property Group (QuadReal) announced on June 2 that it has entered into an unconditional agreement to acquire 56 Yonge St., currently the site of the Hotel Victoria (which is also TheBulletin.ca’s favourite boutique hotel in the Downtown core).
The acquisition is scheduled to close on June 28. As part of the terms of the transaction, the purchaser’s news release confirms, the current owner will continue to operate the Hotel Victoria. No other terms of the transaction will be released.
This property is located immediately adjacent to the iconic Commerce Court office complex.
“The vision for Commerce Court is to build upon the heritage, success and highly connected nature of its location,” said Remco Daal, President, Canadian Real Estate, QuadReal. “This acquisition provides a connection to Yonge St. and positions us to influence future development of the remainder of the block.”
The team’s collaboration with the city to advance a master plan of distinction will continue.