The Flatiron Building, one of Toronto's most unique and beloved landmarks, is on the market and could fetch at least $15 million, according to the current owner.
It sits at the intersections of Church, Wellington and Front Streets, with the towers of Toronto's financial district forming a photogenic backdrop. Originally constructed in 1892, the Flatiron Building served as the corporate headquarters for Gooderham and Worts distillery.
Eve Lewis, CEO of Woodcliffe Landmark Properties, told CTVNews.ca on Tuesday that a similarly historic property, 10 Toronto St., sold for about $1,000 per square foot.
The Flatiron has more than 19,000 square feet over its five storeys, and has a more prominent location.
Lewis said the building is ready to resume its role as a business office space -- either for a single firm or to be purchased and rented out.
"This is the first time in a century that it's been in a position to be sold," Lewis said.
With the lease of one major tenant ending and the strength of the Toronto commercial real estate market, the timing was right to sell, she said.
"The irreplaceable location and rich history ensure that the Flatiron Building will continue to command rents that are on par with the triple-'A' office towers in the financial core of downtown Toronto from tenants seeking the exclusivity of a historical and famous address," Woodcliffe said in a news release.
Lewis said the rental rates are as high, but the cost of operating the building is lower than downtown office towers.
The building is being sold at auction, with the Brookfield Financial Real Estate Group handling the sale.
Bids will be accepted until Oct. 27.
Paul Oberman -- Lewis's husband, who died in March -- oversaw the restoration of the Flatiron Building and numerous other heritage properties in the city.
Heritage Toronto honoured him posthumously for his work in preserving Toronto's urban landscape.
