- What The Comstock Building is on the block
- Why The valuation works out to roughly $578/sq ft
- What next The heritage property was tied up twice, but the deals didn’t proceed
A mixed-use office building in downtown Toronto is being shopped for $18.5m.
Colliers is marketing a 100% freehold interest in the 32,000 sq ft Comstock Building, at 2 Lombard Street, on behalf of a private consortium. The corner property also uses the address of 75 Victoria Street.
The valuation works out to approximately $578/sq ft. It’s 39% occupied.
Tenants include a dental office and Prostate Cancer Canada, a research and advocacy organization that has leased the third floor until March 2026 but has moved its operations elsewhere. A 15,000 sq ft restaurant space on the main floor and lower level has been vacant since Batch House closed in 2021. Additional rents were $16.74/sq ft in 2022.
The three-story building has one passenger elevator and one freight elevator. It was built in 1890 and has heritage status. A structural renovation was completed in 2013.
The property is zoned commercial/residential, allowing for various uses including a financial institution, medical office or student residence. Marketing materials outline a redevelopment scenario for a 20-storey mixed-use residential building, though no official plans have been submitted to the city.
Toronto’s Financial District is home to Canada’s main banks, businesses and financial institutions. The Comstock Building is near Yonge and Queen Streets, two of Toronto’s main arteries, as well as several transit routes and the PATH. As of Q1, the office vacancy rate in the financial district was 12.8%, according to Colliers.
The property first hit the block in the fall of 2023 and received multiple offers. Two deals at higher valuations than the current price did not proceed after buyers’ business plans changed. Discussions remain ongoing with previously interested parties.
According to marketing materials, comparable transactions include 10-14 McCaul Street, which traded in May 2023 for $13m, or $542/sq ft, and 163 Queen Street East, which sold for $29.3m, or $784/sq ft, in February 2023.