- What The Linden School has offloaded 10 Rosehill Avenue
- Why The valuation works out to $613/sq ft
- What next CreateTO purchased the property
A boutique office building in midtown Toronto has traded for $9.5m, Green Street News can reveal.
JLL brokered the sale of the 15,500 sq ft property at 10 Rosehill Avenue on behalf of The Linden School. The valuation works out to $613/sq ft. CreateTO purchased the property in a deal that closed on July 30.
The three-storey office building has served as The Linden School since it was founded in 1993. The independent school in 2018 announced plans to sell 10 Rosehill Avenue and allocate the proceeds to a reserve fund as part of its 2023-2025 strategic plan.
The property is near the intersection of Yonge Street and St Clair Avenue, in Toronto’s Summerhill neighbourhood. It’s adjacent to a garage and within 250m of St Clair subway station and the 512 streetcar line. Originate Developments has submitted an application for a 50-storey mixed-use condominium on the abutting lot, at 1365-1375 Yonge Street.
According to Colliers, the vacancy rate in the Yonge-St Clair submarket was 12.7% in Q2 2024, below the midtown Toronto average of 16.4% and on par with the GTA’s 12.6%.
Yonge-St Clair is largely residential- and retail-focused, with only 29 office buildings. Of the 119,000 sq ft of office space under construction in midtown, none is in the submarket.
CreateTO manages the City of Toronto’s real estate portfolio, which includes approximately 7,000 buildings and has an estimated value of $27b. Vic Gupta is Chief Executive Officer.
