The Flatiron building has sold for $15.3 million to the Toronto-based Commercial Realty Group. “I’m eager to preserve [the Flatiron’s] beautiful, historic warmth and to blend it with all the modern comforts and amenities,” said Commercial Realty Group head Clayton Smith in a Wednesday release. The building will be the “flagship” of the group’s “portfolio of heritage buildings,” added the release.
The final price for the red brick five-storey averaged out to $797 per square foot.
Built in 1892 by distillery tycoon George Gooderham the Flatiron is reportedly being one of the most photographed buildings in Toronto — and one of the most expensive in which to rent space. Empty except for a pub, Commercial Realty Group will be touring prospective tenants through the building in January, with offers due by Feb. 8.
Somewhat derelict in the mid-20th century, the building was carefully restored in the 1990s by Paul Oberman, a prominent Toronto real estate developer who specialized in the area of heritage restoration. Mr. Oberman died in March in a small place crash in Maine.
“Historic buildings integrating old and new are, for me, the lifeblood of a city,” he wrote in an essay shortly before his death.
“As a result of Mr. Oberman’s care and dedication, the Flatiron Building has maintained many of its historic features, keeping it one of Canada’s most well preserved architectural icons,” wrote the Commerical Realty Group.