urbanfan89
Active Member
Now that Nortel is officially bankrupt, does anyone want to speculate on what effect this could have on the West Mall and the wider commercial real estate sector?
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- Thread starter urbanfan89
- Start date
jks
Continuous Lurker
Well, this is actually one of my favourite "suburban" business parks. Its design is compact, the corners are curvy, great! The blue lighting makes is really interesting as well. However, Nortel isn't officially bankrupt, it filed for bankruptcy protection, so after restructuring, I think it can get back to its feet. I also think they're gonna keep their HQ building. I mean, why wouldn't they?? Its bankruptcy won't really do anything to the West Mall area, but the wider commercial community, certainly! I mean look how far the shares fell, must be a new record!
ShonTron
Moderator
The Nortel HQ in Etobicoke has been so for only five years, if that. Before that, its headquarters was in Brampton, an old factory that was extensively rebuilt for office space. The rumour was that the land was badly contaminated; Nortel could not easily sell it once most manufacturing was cut in 1996. Before Brampton, the HQ was in Mississauga - first Mississauga Executive Centre, then Airport Corporate Centre.
In fact, my father was employed at Bramalea as a low-level manager. Nortel was one of the big "take your kid to work day" sponsors, so I got to see, during my "take your kid to work day", my father coordinating the clean-up of his part of the shop floor - they'd all be out of a job in 2 weeks, while boards showing concepts of the new headquarters were lining the walls.
The Dundas/427 building was previously leased offices, one of a few mid rise general office campuses in the GTA - a similar one is just off the 404 north of Finch. It's not a huge lglut of office space if Nortel does end up liquidated.
In fact, my father was employed at Bramalea as a low-level manager. Nortel was one of the big "take your kid to work day" sponsors, so I got to see, during my "take your kid to work day", my father coordinating the clean-up of his part of the shop floor - they'd all be out of a job in 2 weeks, while boards showing concepts of the new headquarters were lining the walls.
The Dundas/427 building was previously leased offices, one of a few mid rise general office campuses in the GTA - a similar one is just off the 404 north of Finch. It's not a huge lglut of office space if Nortel does end up liquidated.
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maestro
Senior Member
The fourth tower won't be built. Ground breaking was so close a year ago. They even "prepped" by expanding the parking garage.
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