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The Flatiron Gooderham building on Front Street East and Wellington Street East in Toronto, Ontario, Canada.Photo By Deborah Baic, The Globe and Mail

Toronto's historic Flatiron Building has been sold for $15.3-million.

The iconic five-storey brick building is wedged between Wellington Street East and Front Street East where they meet Church Street, and features a giant trompe l'oeil mural on the back wall facing Berczy Park.

Housing almost 20,000 square feet, the downtown landmark is the latest acquisition of The Commercial Realty Group, which announced it purchased the building for $797 per square foot.

Clayton Smith, head of The Commercial Realty Group, described the Romanesque and Gothic revival-style architecture as a "stunning, beautiful historical property."

"It's certainly a flagship building for me," said Mr. Smith.

The Commercial Realty Group already owns several heritage buildings in downtown Toronto, and Mr. Smith said the old "brick and beam" buildings are extremely popular.

"My tenants in these properties have always loved working in that sort of environment," he said.

The building was put up for sale in October by Eve Lewis, president and CEO of Woodcliffe Landmark Properties. At the time, Ms. Lewis said the time was right to sell because the entire office space was vacant for the first time in almost a century.

Interested tenants will be able to tour the building in January, and offers will begin in early February.

Also known as the Gooderham building, the structure dates back to 1892, when it was constructed for George Gooderham, the former president of the Bank of Toronto.

It was sold for $2.2-million in 1999, before being bought for $10-million in 2005 by heritage developer Paul Oberman, according to property records.

Mr. Oberman, who was killed in a plane crash last March, had worked to restore a number of Toronto landmarks, including the North Toronto train station.

With files from Kim Mackrael