Hudson's Bay Company (HBC) completed the sale of its Queen Street flagship store and Simpsons Tower office complex in Toronto to Ontrea Inc. for a purchase price of $650 million. HBC leased both the Queen Street store and Simpsons Tower back from Ontrea Inc. for a base term of 25 years, with renewal terms available at HBC's option.
The Queen Street property is HBC's flagship store located at 176 Yonge Street, Toronto, Ontario and will serve as the site of Canada's first Saks Fifth Avenue location to be co-located within the current HBC store. The Simpsons Tower is a 33 floor office tower located at 401 Bay Street in Toronto.
HBC was represented in-house by its Senior Vice President and General Counsel David Pickwoad; and by external counsel Stikeman Elliott LLP with a team including Ian Putnam (corporate), Douglas Klaassen, James Klein and Annie Pyke (real estate); Dean Kraus and Lindsay Gwyer (tax) and Jeffrey Brown (competition).
Ontrea Inc. was represented by in-house counsel Sandra Hardy and Ellen Williamson, and by Davies Ward Phillips & Vineberg LLP with a team including Greg Howard, Gabriella Lombardi, Steven Martin, Don Stanbury and Pawel Mielcarek (real estate); Ian Crosbie (tax) and Adam Fanaki (competition).