The downtown Toronto office complex located at 145 Wellington Street West– that was set to be redeveloped into a 65-storey tower– has actually formally been sold, leaving the fate of the planned job up in the air.The 13-storey Class An office building built in 1987– located kitty-corner from Roy Thompson Hall and just one block away from the City Toronto Convention Centre– was previously owned by Toronto-based H&R REIT (TSX: HR.UN), which has made different development proposals over the years.In 2019, a
rezoning application was submitted for a 60-storey mixed-use tower including 47 storeys of property area above 13 floors of office. A site plan control application was submitted the following year, for 52 floors of property space above 13 floors of workplace. Most just recently, in 2024, an application was sent for a 65-storey residential tower with 861 units and retail area on the ground floor.Last summer
, H&R REIT announced that it had gotten “unsolicited expressions of interest” and formed an unique committee to check out a prospective sale of the REIT. However, no sale was eventually finished, with the REIT saying it received deals for particular possessions, however not the REIT as a whole. H&R REIT also stated it would sell roughly $2.6 billion in assets, and a couple of weeks later on announced binding contracts for $1.5 billion in sales of office and retail assets. Among those possessions was 145 Wellington Street West, which was held under 145 Wellington Portfolio Inc.Toronto-based real
estate financial investment company Crestpoint revealed in late-January that they had acquired 145 Wellington Street West on behalf of their closed-end Crestpoint Opportunistic Real Estate Method fund.
Neither H&R REIT nor Crestpoint have actually revealed the list price, but STOREYS has actually discovered that the cost was $50,800,000. According to H&R REIT monetary reports, 145 Wellington has 160,098 sq. feet of space, so the cost translates to around $317 per sq. ft. Those monetary reports likewise note that the building had a tenancy rate of 88.2% as of December 31, 2025.
It is uncertain whether Crestpoint plans to carry out the redevelopment plan that H&R REIT previously proposed, however the task site stays online. Floors reached out to Crestpoint in early February, however has actually not received a response.
Renderings of the 65-storey tower previously proposed for 145 Wellington Street West. (Partisans with Turner Fleischer/ SKYGRiD)
Crestpoint likewise got the office complex situated at Markham’s 88 McNabb Street from H&R REIT, however the price is unknown.H & R REIT said in
its 2025 yearly report, published this month, that$1.1 billion of the formerly revealed$ 1.5 billion in sales was finished in January, which it had actually participated in a contract to handle the 2 office buildings and 23 retail residential or commercial properties it had actually sold.”Net earnings of approximately$ 727.3 million
created from the sales of possessions in January 2026 has been used to repay corporate financial obligation in January 2026,”stated the REIT.” The additional net earnings from the remaining assets under agreement to be offered will also be utilized to pay back business debt. Additionally, the REIT intends to apply to the TSX for approval to begin a typical course provider quote and may use up to$ 200.0 countless the freshly produced debt capability, in time, to buy Units pursuant to any such NCIB. “Following the above sales, H&R REIT states the proportion of its portfolio of residential and industrial assets increased to 84%, which 68%of its portfolio is now located in the United States, with Executive Chair and CEO Tom Hofstedter saying that the objective is to” reposition H&R to be a more streamlined growth and income-oriented REIT focused on residential and industrial homes. “Further, in mid-January, Executive Vice President of Advancement & Building and construction Matt Kingston left H&R REIT.