The Globe and Mail will be the lead tenant in a new 17-storey office tower on the east side of downtown Toronto, publisher Phillip Crawley announced to staff Wednesday.
The building, which has been designed by Diamond Schmitt Architects and is being developed by First Gulf, will now be named The Globe and Mail Centre.
The Globe's decision ends a 10-month search for a new headquarters, which began after the newspaper's parent company, Woodbridge Co. Ltd., cancelled plans to build a new tower adjacent to The Globe's current building on the west side of downtown. The newspaper's current location has been bought by RioCan Real Estate Investment Trust, Allied Real Estate Investment Trust and Diamond Corp., which are planning a major mixed-use development for the site.
Construction of the 500,000-square-foot Globe and Mail Centre is scheduled to begin this fall at 351 King St. E. The Globe will occupy the top five floors.
"The Globe and Mail Centre represents the final phase of a two-city-block redevelopment by First Gulf which will add over 5,000 jobs to the revitalized King East office district," First Gulf chief executive officer David Gerofsky stated in a press release.
First Gulf is still looking for other tenants for the building, which will have about 17,000 square feet of new food stores and retail amenities on the ground floor. The Globe expects to begin moving in in late 2016, and has signed a 15-year lease.