Published on Friday August 17, 2012 Dana Flavelle Business Reporter
Postmedia Network Inc. has signed a 15-year lease for new headquarters in downtown Toronto, the country’s largest English language daily newspaper publisher announced Friday.
The building, at 365 Bloor St. E., will be renamed by Postmedia. It’s currently called Greenwin Square.
The new space will house Postmedia’s corporate head office, integrated advertising and digital groups and its flagship newspaper, the National Post, the company said.
“Our new head office will provide us with a modern and innovative space that will give us a strategic and convenient location for our business and a great working environment for employees,” said Paul Godfrey, president and chief executive officer, Postmedia. “We look forward to the energy of a downtown location, located near many of our largest clients in a space that is custom-tailored to suit our needs.”
The lease commences on Dec. 1, 2013, the company said, and encompasses several floors of the 19-storey building along with signage rights on all four sides of the exterior.
The media company, which also owns the Ottawa Citizen, Calgary Herald and Montreal Gazette, previously announced it would sell its head office in Toronto’s suburban Don Mills area and use the net proceeds to help pay down debt.
The sale, worth $24 million, closes Sept. 28. The company will continue to lease space at 1450 Don Mills Rd. until the building on Bloor St. is ready.
The company, which reported a wider third quarter loss quarter on lower revenue on July 10, was carrying $508.6 million in long-term debt as of May 31.
