The purpose of this RFP is to retain the services of a professional real estate advisor who will work with Infrastructure Ontario and the Workplace Safety and Insurance Board for the provision of the Services.
WSIB holds 75% ownership interest in its head office located at 200 Front Street West in Toronto, at the northwest corner of Simcoe Street and Front Street West. Built in 1995, the 30 floor office building contains approximately 758,000 square feet of office space. WSIB currently occupies approximately 579,000 square feet over 20 office floors, a portion of the ground floor, concourse and additional storage space in the building. The remaining space is subject to certain leases to various tenants and some vacant premises.
WSIB’s ownership interest is realized through a wholly-owned subsidiary which holds WSIB’s 75% interest in the office tower located at 200 Front Street West, as well as a 75% interest in Simcoe Place Leaseholds, the landlord of the office tower, as well as a Parcel Lease for the lands which are leased from the Canadian Broadcasting Corporation. Due to the context of the original development and associated adjacent developments, WSIB’s ownership interest is subject to a number of agreements affecting the site including as listed in Section 2.2(1), (collectively, the “Existing Agreements”).
No final decisions have been made with respect to this project; necessary WSIB and government approvals will still need to be sought. The Realty Advisor under this contract will assist in (1) assessing WSIB’s obligations under the existing agreements, advise on the value and potential disposition options for WSIB’s ownership interest, timing and method of any disposition, and, subject to approvals and at the sole discretion of IO and WSIB, (2) act as a broker in the sale of WSIB’s ownership interest, working in conjunction with IO and WSIB staff.
