George Brown College (GBC) is further solidifying its presence on Toronto’s waterfront with the recent purchase of 25 Dockside Dr.
The downtown college, in a Dec. 13 news release, said that it worked with equity partner Halmont Properties on the “innovative joint acquisition” of the 480,000-square-foot building known as Corus Quay.
The transaction was done in conjunction with H & R REIT, which has owned the property since 2012.
The $232.5 million deal is expected to close in the spring of 2024.
Corus Quay is currently home to Irene Restaurant, Ecobee, and Corus Entertainment.
George Brown, in an email, told CP24.com that it will be taking on the head lease for 25 Dockside Drive, but said that it intends to honour all existing leases. The lease for Corus Entertainment is valid for another 10 years and has the option of being extended, the college said.
As for future plans for the building, GBC said that it plans to “gradually shift some academic functions into the space over time, aligning with (its) commitment to developing additional learning spaces to accommodate a growing student population,” but won’t be announcing its specific plans until a later date.
The post-secondary institution called this latest acquisition a “long-term investment in the financial sustainability of GBC, in the academic programs the college provides, and in the future of our students.”
“The joint acquisition of 25 Dockside is a vital long-term investment and asset for George Brown College and partners in support of our students and their success in Ontario’s labour market, and in the economy of today and tomorrow,” GBC’s President Dr. Gervan Fearon said in a release.
“It will enable us to expand our academic offerings and fulfill our commitment to the development and education of our future leaders.”
Michelle McCollum, the college’s vice-president of facilities and sustainability, said that this move is part of its “larger 2050 campus master plan to better support our students, and the focus here is on providing future academic space.”
“We are also continuing to work hard to create more student housing spaces through our housing task force,” she noted in a release.
George Brown College, which has three campuses in downtown Toronto, offers 175 full-time programs and 182 continuing education certificates/designations across a wide variety of professions to more than 28,500 full-time students.
The college currently occupies two buildings on the waterfront: the Daphne Cockwell Centre for Health Sciences and a portion of the Daniels City of the Arts complex. In 2025, GBC is expected to open a third building on the waterfront called Limberlost Place, which will be home to the School of Architectural Technology and the School of Computer Technology.
