Scarborough’s Biggest Office Deal In A Decade?
Office towers rarely trade in Scarborough, so the $34M sale of 55 Town Centre Court, a 220k SF, eight-storey building across from Scarborough Town Centre, is a substantial deal. It’s likely the biggest office transaction there in a decade, “since the last time this building sold,” says Royal LePage associate VP Howard Goldman, who brokered the deal on both ends (the buyer was private; the sellers were Goldman Group, run by his father, Murray, and Lash Development Group). Howard has managed leasing at the 34-year-old building, which is 90% occupied. “The upside here is lease renewal, leasing out the balance and equity appreciation.”
Here's an inside look at 55 Town Centre Court. The building is well-positioned, Howard notes: it's right at Scarborough Town Centre, in an area undergoing a major revitalization. There's light-rail transit service and a YMCA across the street, and Scarborough’s municipal offices are next door. Howard says his group received overtures from offshore parties to buy the building, but ultimately he arranged for its purchase by domestic clients of his, following rigorous due diligence. “It’s a solid asset,” he tells us, and its sale is a jolt for this secondary office market. "Scarborough's come a long way."
