Menkes and Transamerica Sell 5000 Yonge Street

On August 18, 2004, Menkes Residential Fund and Transamerica Life Canada sold 5000 Yonge Street in north Toronto for $181.3 million to 5000 Yonge Street Toronto Limited Partnership (the partnership), an investment vehicle established by DB Real Estate Management GmbH, a subsidiary of Deutsche Bank AG.

The 20-storey, 540,000 square foot facility includes Transamerica Life Canada, Cadbury Adams Canada Inc. and Warner Bros. Canada among its tenants. Menkes acquired the property in October of 2000 from Ontario Power Generation Inc. and CIBC and sold a 50 per cent interest therein to Transamerica on September 11, 2001. Construction of the building was completed in late 2003.
In connection with the acquisition, a $109 million loan was arranged with Merrill Lynch Capital Canada Inc.

Menkes was represented by Goodmans, with a team that included Stephen Belgue and Monica Mraz. Transamerica was represented by John Fingret of McCarthy Tétrault.

The partnership was represented by Blake, Cassels & Graydon, with a team that included Jim Hilton, Dorothy Wahl, Silvana D’Alimonte, Ted Perlmutter, David O’Brien, Bob Macdonald, Iris Tam, John Hutmacher, Elizabeth Phalen, Anoop Dogra, Jennifer Woo, Tim Bermingham and Mark Nicholson.
Merrill Lynch Capital Canada was represented by Ronald Melvin of Rose, Persiko, Rakowsky, Melvin.