I don't understand. Renting instead of owning now? Or relocating? Or were they always renting with a new landlord now?

I don't know if Corus owned the building at one point or not but one trend in real estate over the past few years (actually decades) has been for corporations that own their HQs to monetize it by selling it to a property management company for a truckload of cash and then signing a long-term lease. Apparently the bean counters say this makes more economic sense than owning the building. Personally, I think it's always a good idea to own your own real estate but what do I know? Of course, sometimes this means you end up losing your building altogether after a few years which is what happened with the Toronto Sun which used to own 333 King Street East, then sold it (or rather Postmedia sold it) to a property manager and downsized to a floor or two of the building while renting the rest of the out, and then ultimately leaving it altogether to be be the National Post's downstairs neighbour in a rented building on Bloor. I think the National Post used to own their building in Don Mills and then lost it when Postmedia needed cash and decided to sell. 

Corus apparently had an option of a 40 year lease as the major tenant but no word on whether they ever took advantage or does it apply with new owners of the building. 

CBC built the facility at 250 Front St. and according to wiki still own the building but have leased out commercial space to Cadillac Fairview.  The building is also the headquarters for the North American Broadcasters Association and house ad agency Bensimon Byrne and affiliated companies.  Building and land is valued at over $300 million.  

CTV's site in Agincourt would fetch a good dollar, and also has a bit of land included too. Bell earlier this year sold their controlling share of Pinewood Studio on the waterfront, right after they built additional new studios and office space.   

Hansa wrote:

   corporations that own their HQs monetize it by selling it to a property management company for a truckload of cash and then signing a long-term lease       

Property management companies seldom (if ever) have an ownership interest in buildings they manage; that's why they are called "property managers"



 

Maybe George Brown launches a broadcasting program in coordination with Corus?

R-S-T-L-N-E wrote:

Hansa wrote:

   corporations that own their HQs monetize it by selling it to a property management company for a truckload of cash and then signing a long-term lease       

Property management companies seldom (if ever) have an ownership interest in buildings they manage; that's why they are called "property managers"



 

Brookfield? 
 

Corus never owned the building.  Although designed for Corus, it was developed by the Toronto Port Lands Company (aka TEDCO aka Waterfront Toronto).  I believe Corus has a long-term lease agreement for virtually the entire building. They have sub-leased space to others including the PanAm Games in 2015.

Ok, so now we know Corus never owned the facility, but are long-term tenants. Is there any indication they're actually going to be relocating or downsizing or will they just continue as a tenant? 

Last edited by Hansa (December 14, 2023 9:53 am)

Hansa wrote:

Ok, so now we know Corus never owned the facility, but are long-term tenants. Is there any indication they're actually going to be relocating or downsizing or will they just continue as a tenant? 

Highly unlikely they would relocate.

There is a lot going on under the roof at 25 Dockiside.

It is home to Corus administrative offices, Q107, AM640, The Edge, and Nelvana Animation.  The Global Toronto morning show is shot there. Also, all of their TV properties including all OTA Global TV stations (recently moved from Calgary) and their multiple "specialty" channels (YTV, W, HGTV, Showcase, etc) originate from there.  Corus also operates a separate division that provides third party origination services for Element FM, TVO, TFO, AMI, TLN Media, and Zoomer Media TV channels.
 

In Phase wrote:

Hansa wrote:

Ok, so now we know Corus never owned the facility, but are long-term tenants. Is there any indication they're actually going to be relocating or downsizing or will they just continue as a tenant? 

Highly unlikely they would relocate.

There is a lot going on under the roof at 25 Dockiside.

It is home to Corus administrative offices, Q107, AM640, The Edge, and Nelvana Animation.  The Global Toronto morning show is shot there. Also, all of their TV properties including all OTA Global TV stations (recently moved from Calgary) and their multiple "specialty" channels (YTV, W, HGTV, Showcase, etc) originate from there.  Corus also operates a separate division that provides third party origination services for Element FM, TVO, TFO, AMI, TLN Media, and Zoomer Media TV channels.
 

Moving is all timing. Corus could easily move into the former City/Omni building @ Yonge & Dundas once their move to One Mount Pleasant is complete...space pending.  

Last edited by Radiowiz (December 14, 2023 3:19 pm)

R-S-T-L-N-E wrote:

Radiowiz wrote:

       Corus could easily move into the former City/Omni building @ Yonge & Dundas

Not easily if a long-term lease exists on the waterfront complex

Bit easier if there is no longer such an entity as "CORUS Entertainment".

Also,

=20pxThe waterfront campus currently supports 10,000 students. Long-term, the college hopes to add another 10,000 students to the waterfront campus, said Joe Cressy, senior vice-president of external relations, communications and real estate development.

They're moving in.
 

In Phase wrote:

Radiowiz wrote:

Corus could easily move into the former City/Omni building @ Yonge & Dundas once their move to One Mount Pleasant is complete...space pending. 

The Yonge & Dundas facility is considerably smaller than 25 Dockside

RadioAaron wrote:

They're moving  

That would seem so.  The entire 7th floor at 25 Dockside is unused by Corus and sub-leased out.  A possible space for GB to move into.

 

They're doubling their existing space. They're fully moving in.

Drip....drip....drip

https://broadcastdialogue.com/jackie-moss-named-vp-of-audio-at-corus-as-ronnie-stanton-moves-on/

Stacks of wax wrote:

Can somebody translate this for me into English - as in, what does she actually do based on her alleged experience?
 

Keeps the chair warm over the next 12-18 months while the company is dissolved around her.

Stacks of wax wrote:

RadioAaron wrote:

Drip....drip....drip

Can somebody translate this for me into English - as in, what does she actually do based on her alleged experience?
 

ensures with her extensive radio experience, that stations won't sound better but they will have a kick azz summer cruiser.