Earlier this year, after Bell Media quietly put Toronto’s Masonic Temple up for sale, the big question was what might become of the historic, 95-year-old building. Now we know that it won’t be following the rest of Toronto to a condo-y fate (at least, not for the time being): earlier this morning a company called Info-Tech Research Group announced that it has bought the property to use as an office.
Info-Tech is an information technology research and consulting firm with more than 300 employees. Currently, its head office is in London, Ontario, and it has a satellite office in Toronto. The plan is for the company to continue using the London office and move its Toronto operations into the temple.
CTV bought the building in 1998 for $2.4 million (it fell into Bell’s hands during a later corporate takeover). Joel McLean, Info-Tech’s president and CEO, says his company paid more than five times that much: $12.5 million. “I think it’s a fair price for the property in today’s market,” he said.
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