- What The University of Toronto acquired 175 College Street for $10m
- Why The Centre for Addiction and Mental Health sold its former clinic site
- What next U of T will occupy the building
An office building in downtown Toronto has traded for $10m, Green Street News can reveal.
The Centre for Addiction and Mental Health sold 175 College Street to the University of Toronto in a deal that closed in early April. Colliers had the assignment.
The valuation for the 10,000 sq ft building is $980/sq ft. The site previously served as CAMH’s Nicotine Dependence Clinic. U of T will occupy the building. It was completed in 1965 and is listed in the city’s Heritage Register.
Near the intersection of College Street and McCaul Street, the property is at the southern edge of U of T’s St. George Campus. It’s adjacent to the institution’s Engineering Complex and Communications House.
The building is 300 m from Queen’s Park station, 500 m from Spadina Avenue and within a kilometre of Yonge Street. It’s serviced by the 506 Carlton and 510 Spadina streetcars.
The office vacancy rate in downtown Toronto was 14.1% in Q1, Colliers said in a recent report, on par with the Greater Toronto Area average of 13.1%. The node reported over 43,000 sq ft of negative net absorption for the quarter, while the weighted average asking net rent was $34.25/sq ft.
The University of Toronto is a public research university with its main campus in the city’s downtown. Meric Gertler is president of the institution, which is the largest in Canada by student population.
The Centre for Addiction and Mental Health is Canada’s largest mental health teaching hospital. Headquartered in Toronto, it is fully affiliated with U of T. Sarah Downey is president and chief executive.
