- What The Pearl Group has put 50 St. Clair Avenue East on the block
- Why The valuation for the fully leased office building is $1,000/sq ft
- What next JLL has the assignment
A mixed-use office building in Midtown Toronto is on the market for $9.2m, Green Street News can reveal.
The Pearl Group has given the assignment for 50 St. Clair Avenue East to JLL’s Private Capital Group. The valuation for the 9,200 sq ft building is $1,000/sq ft. It’s being offered free and clear of existing financing.
The Pearl Group acquired the four-storey building in 2022. Completed in 1987, it comprises 7,500 sq ft of office space and 1,700 sq ft of ground-level retail. There are two covered parking stalls.
The building is 100% occupied with a weighted average lease term of 2.4 years. Tenants include St. Clair Medical Clinic, St. Clair Body In Tune and Hearing Solutions. Leases are structured with landlord-friendly termination agreements, allowing a purchaser to occupy space in the near-term.
According to marketing materials, 50 St. Clair Avenue East controls one of the last remaining assemblies in the Yonge-St. Clair neighbourhood. Purchasers have the option to assemble adjacent lands and pursue entitlement and future high-density redevelopment.
More than 10 projects, ranging from 13 to 50 storeys, have been proposed within a 500 m radius. The mixed-use rental and condo towers would create nearly 5,050 new residential units.
The building is within 200 m of St. Clair station, the 512 St. Clair streetcar line, a Bike Share Toronto location and Yonge Street. Nearby amenities include The Badminton & Racquet Club of Toronto, RBC and Starbucks, as well as numerous restaurants. More than 270,000 people with an average household income of $174,277 live within 3 km.
In July 2024, a boutique office building at 10 Rosehill Avenue traded for $9.5m, or $613/sq ft. That property is 250 m from 50 St. Clair Avenue East.
The Pearl Group is an investment management firm focused on commercial real estate assets. The Toronto-based firm has over $400m in assets under management. Jordan Pearl is president.
