Exchange Tower Limited, a wholly-owned subsidiary of Gentra Inc., purchased TrizecHahn’s 50 per cent interest in the unfinished Bay-Adelaide Centre in downtown Toronto for $50 million. The other 50 per cent co-owner’s interest in the Bay-Adelaide Centre is owned by Canapen (Bay-Adelaide) Limited, a subsidiary of the CN pension fund. This is considered to be one of the most important real estate development sites in the city. Brookfield Properties Corporation will be the developer and manager of the project, which will have approximately 1.8 million square feet of class A office and condominium space. The deal closed February 13, 2001.
Leading the deal in-house at Brookfield was Kieran Mulroy, Gentra’s Senior Vice-President, General Counsel and Corporate Secretary. Torys acted as external counsel to Exchange Tower Limited and Brookfield with a team that included Mary Mullens, Don Roger, Kyle Genga and Kathy Christie. Harold Elston of Elstons acted as Municipal Counsel to Exchange Tower. Bob Bauer, Greg Southam, Don Stanbury and Sabrina Gherbaz of Davies Ward Phillips & Vineberg LLP acted as external counsel to TrizecHahn, with Beth Vogel acting as in-house counsel. Stephen Belgue (real estate) and Mark Noskiewicz (municipal) of Goodmans LLP also acted for TrizecHahn on certain property-related issues. Canapen (Bay-Adelaide) Limited was represented by in-house counsel Frank Stark, and externally by David Salomon and Craig Carter of Fasken Martineau DuMoulin LLP.