Menkes Developments Ltd. (Menkes) alongside TD Greystone Asset Management (TD Greystone) has announced the acquisition of an interest in 320 Bay Street – a heritage building built in 1931 and designed by prominent Canadian architect Henry Sproatt.

Formerly known as the Canada Permanent Building, the 18-storey office building is situated on the southwest corner of Bay and Adelaide streets.  According to a press release, the “renovation of 320 Bay Street will add much-needed office supply catered to the growing tech sector in the Financial District.

“This transaction will result in a major restoration of the building, improving the quality and service of the space, while preserving its history and architectural elements. The revitalization of the 270,000 square foot space will include significant electrical and mechanical upgrades.”

“We think this development will have a unique place in the market, as there is nothing like it in the core right now,” said Peter Menkes, President Commercial/Industrial.

“It will offer a cutting- edge work environment, redesigned to meet the growing demand for creative office space in Toronto, and will allow companies to occupy a historical, landmark property. Menkes does not currently have a heritage building in its office portfolio, so this is very exciting for us.”

The revitalization will take place over the next 12-18 months, with occupancy expected in 2020.