Chicago-based Trizec Properties, Inc. sold 151 Front Street in Toronto for $76.3 million to Toronto-based Northam Realty Advisors Ltd. The deal closed on January 15, 2004. The eight-story, 272,000 square foot facility was built in 1954, and it was purchased by TrizecHahn Corp. in 1997 and was then redeveloped. The adjacent 39,000 square foot Skywalk concourse was included in the transaction. When TrizecHahn was restructured in 2002, with the launch of Trizec Properties as a US-based public real estate investment trust focused on office properties, ownership was transferred to the new company with a plan to eventually sell it.
In connection with the 151 Front Street acquisition, a $41 million loan was arranged by MCAP Financial Corp. in trust on behalf of British Columbia Investment Management Corp. (BCIMC). MCAP acts as BCIMC’s servicing agent.
Northam Realty Advisors was represented by Robins Appleby & Taub LLP in Toronto, with a team that included Neill Kalvin and Peggy Spadafora. Trizec was represented by Goodmans LLP, with a team that included Stephen Belgue and Monica Mraz. MCAP and BCIMC were represented by Dale & Lessmann LLP in Toronto, with a team that included Doug Brady and Somchine Sivilay.