CBC Sells Broadcast Facilities

The Canadian Broadcasting Corporation (CBC) completed the sale of its former broadcast facilities at 354 Jarvis Street, Toronto to Context Real Estate Inc. and The National Ballet School on November 30, 2001, for an undisclosed amount. Context acquired the portion of the property fronting onto Mutual Street where it will construct the two Radio City condominium projects. The National Ballet School acquired the balance of the property fronting onto Jarvis Street. Through a phased development, Project Grand Jeté, The National Ballet School intends to use the acquired lands to expand its existing facilities. The expansion will include the incorporation of the Havergal College and Northfield buildings.

The parties entered into various municipal agreements, jointly obtained severance consents, re-zoned the site and obtained amendments to the city of Toronto’s official plan. The transaction also involved the negotiation of extensive reciprocal rights agreements between the parties themselves.

Borden Ladner Gervais LLP was real estate counsel to Context with a team comprised of Morton Gross, Noella Milne and Ray Mickevicius. Godyne Sibay (real property) and Cynthia MacDougall (municipal) of McCarthy Tétrault LLP were counsel to The National Ballet School.

Goodmans LLP was counsel to CBC in connection with the negotiation and completion of the two sales. Goodmans also acted on behalf of all parties in connection with all municipal law matters. The Goodmans team included Stephen Belgue and Jeffrey Shore on real estate matters and Mark Noskiewicz, with the assistance of Paul Mailer, on municipal law matters.