Struggling CBC could reduce real estate footprint
- Condominium Group
- Mar 10, 2015
- 1 min read
Struggling CBC could reduce real estate footprint
March 11, 2015
News that the Canadian Broadcast Corporation has to cut its budget by $115 million over the next three years has some wondering if the broadcaster will sell or lease its downtown Toronto headquarters.
The CBC released its five-year strategic plan earlier this year, and according to an article in the Toronto Star, CBC president Hubert Lacroix was quoted as saying, “We can’t invest in infrastructure that drags us down.
We can’t invest our money in bricks and mortar. We have to invest in content.”
The Star reports that “the 1.4-million-square-foot headquarters at Front and John Sts. is considered prime Canadian real estate” and is “valued at hundreds of millions of dollars.”
As businesses like the CBC look to save money and cuts costs, Toronto real estate lawyer Peter Neilson says that leasing less space or leaseback arrangements are common ways for a company to refinance and reduce costs.
