- What An office building at 77 Peter Street has sold for $13m
- Why JLL has been working with the seller for the last two years to settle the deal
- What next Private investors may have the best buying opportunity “in a generation” over the next 12 to 24 months
A brick-and-beam office building in downtown Toronto has sold for $12.6m.
The 18,000 sq ft property at 77 Peter Street is 76% leased to AppLovin, a software publisher based in California. JLL, which represented the private seller in the transaction, said the building attracted interest from private investors and owner-occupiers.
Jackson Safrata, vice president of capital markets at JLL, said in a release that the sale highlights the growing interest from private investors for income producing properties in Toronto, “with some new groups now looking at opportunities in the office sector.”
The next 12 to 24 months could present “one of the best buying opportunities for private investors in a generation,” added Matt Picken, head of capital markets for JLL Canada.
In 2023, office sales in the GTA totaled $1.5bn, down 43% on the five-year annual average. Many of the transactions last year involved properties that investors were aiming to convert to alternative uses like life sciences, residential and education, according to JLL.
