- What A private owner has put 282 Richmond Street East in play
- Why The office building is 66% occupied
- What next Colliers has the assignment
A boutique office building east of downtown Toronto is in play for $5.95m, Green Street News can reveal.
A private owner has given the assignment for 282 Richmond Street East to Colliers. The valuation for the 9,000 sq ft building is $658/sq ft.
Marketing is targeting owner-occupiers and end-users, as well as investors looking to capitalize on future redevelopment potential. The three-storey property is zoned CR Commercial Residential, permitting a variety of uses, including a financial institution, medical office, wellness centre or laboratory.
The office building is 66% occupied. The Canadian Aboriginal and Minority Supplier Council has leased the first floor until July 2026, while Motum Corp. will occupy the third floor until March 2026.
The second floor is vacant and listed for lease at an asking gross rent of $35/sq ft. According to Colliers, the weighted average asking gross rent for the downtown east submarket was $51.95/sq ft in Q3 2024.
Near the intersection of Richmond Street East and Sherbourne Street, the building is 1 km from the Financial District, Union Station, CF Toronto Eaton Centre and the Gardiner Expressway. Billy Bishop Toronto City Airport is just over 3 km away.
King and Queen stations and the 501 and 504 streetcar lines are nearby, and the future Moss Park station on the Ontario Line is 120 m from 282 Richmond Street East.
Per Colliers, the office vacancy rate in the downtown east submarket was 14% in Q3 2024, above the downtown Toronto average of 13.5% and the Greater Toronto Area’s 12.5%. The node reported 63,000 sq ft of negative net absorption for the quarter.
In June of 2024, Unifor Canada Inc. sold 445 King Street East to 445 King St. Holdings for $8.5m, or $651/sq ft. In August, 41 Britain Street was floated for $11.25m, or $750/sq ft, and 32 Britain Street was listed at $8.6m, or $748/sq ft, in September. Those office buildings are all within 700 m of 282 Richmond Street East.
Article revised at 9:24 a.m. ET on Jan. 10, 2025, to reflect the correct listing price.
