On December 7, 2000, Metropolitan Life Insurance Company (MetLife) completed the sale of its 100 per cent freehold interest and 50 per cent leasehold interest in the Yonge-Eglinton Centre to leasehold co-owners, including Chestermere YEC Partnership, Chestermere Investments Limited, YE Landhold Inc., Shipyec Inc. and Echogreen Investments Limited. The transaction also involved the assignment of MetLife’s 50 per cent interest, as landlord, under a sublease of air rights.
The Yonge-Eglinton Centre is an office and retail complex of more than 1,000,000 square feet, comprising two office towers of 22 and 30 storeys, totalling approximately 750,000 square feet of net rentable office space. The purchase price was $59 million, which was partially funded by a loan made by MetLife on the security of a first mortgage on the Yonge-Eglinton Centre in the amount of $55 million.
Blake, Cassels & Graydon LLP acted as counsel to MetLife in structuring and completing the transaction. The Blakes team consisted of Jim Hilton, David O’Brien, John Hutmacher, Denise Daniel and Jennifer Del Bianco. Robins, Appleby & Taub acted for the purchasers with Gerry Taub, Q.C., and Neill Kalvin spearheading the legal work.