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pw20 said:
With revenues in the newspaper industry tanking - I was shocked that The Globe and Mail was building a new office building to house a declining business... this is NO surprise. What was surprising was that they were building an office building in the first place.
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Maybe they were shook up by the first month results for their new paywall. "Abandon Ship!"
 
pw20 said:
With revenues in the newspaper industry tanking - I was shocked that The Globe and Mail was building a new office building to house a declining business... this is NO surprise. What was surprising was that they were building an office building in the first place.
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I had been thinking that all along. What paper can afford new digs in this climate?
 
Right but they have to move (the land their current HQ sits on was also purchased) ... maybe they'll leave the core and reallocate to the 905 where rent is much cheaper ...
 
They're in a partnership with the Toronto Star, right? So why not move into their building for a short term lease--5 years--while they sort out their shrinking market share?

I'm happy this project was put on hold--it already looks dated.
 
urbandreamer said:
They're in a partnership with the Toronto Star, right? So why not move into their building for a short term lease--5 years--while they sort out their shrinking market share?

I'm happy this project was put on hold--it already looks dated.
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Very little space available in 1 Yonge ... actually just about 24K in total, and that's not even contained on one floor.
 
pw20 said:
With revenues in the newspaper industry tanking - I was shocked that The Globe and Mail was building a new office building to house a declining business... this is NO surprise. What was surprising was that they were building an office building in the first place.
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The Globe wasn't funding the building -- it was the parent corporation (Woodbridge) that was doing that. The Globe were to be simply tenants of the new structure -- as they are at the current location.
 
plink said:
The Globe wasn't funding the building -- it was the parent corporation (Woodbridge) that was doing that. The Globe were to be simply tenants of the new structure -- as they are at the current location.
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Right... but what company that is in a dying industry (newsprint) leases significant space in a new building? Or even better what sane landlord/property developer would build a new building to specs requested by a company whose revenue is tanking, their space needs are shrinking and who won't exist in the same capacity ten years from now?

As for Torstar/Globe - distribution partnership is nothing more than a distribution partnership

Although... interesting tidbit - Torstar sold 1 Yonge to the Thomson family in 2000. http://business.financialpost.com/2...-set-to-succumb-to-citys-condo-craze-sources/

So really... there ya go in conclusion:

1) newspapers - dying
2) the thomson family is really rich
 
Interesting that the property was sold to RioCan, rather than developed in-house through the Osmington Group.

Think of the Sun as the paper for those that don't know how to read; The Star for those that don't know how to think; and the Globe for those that don't know how to write.
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That was a great laugh, urbandreamer!
 
The Globe and Mail needs to be downtown. A suburban location is just wrong for this kind of sophisticated broadsheet of record. The reporters and management need to be downtown. Sure land is cheaper in the suburbs, but imagine the cost to the brand and the culture of the newsroom.
 
taal said:
maybe they'll leave the core and reallocate to the 905 where rent is much cheaper ...
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I can guarantee you this has not even crossed their minds. With National Post moving downtown and The Star being downtown there is absolutely no way G&M would move to the middle of nowhere.

And the death of the newspaper industry is greatly exaggerated.

The most likely scenario would be a move in one of Allied's projects or one of the half dozen office proposals.
 
This could be excellent news for accelerating the larger development of that corner. If the G&M is able to move into existing space, or a new building already under construction more quickly we may see the retail / residential development on the large lot happen faster.
 
Can anyone ball park how much money they pissed away with their application and having already started construction (I assume at least a few contracts were already finalized)?
 
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