Earlier this month, the Governor in Council approved the extension of CBC’s agreement to lease space in its headquarters at 250 Front St. W. in Toronto to The Walt Disney Company (Canada) Ltd. by an additional 11 years and two months.
The value of the agreement is reportedly in excess of $4 million. The extended lease is for approximately 50,400 square feet of space, with an additional 39,833 square feet to be leased for 10 years under the amended agreement. Disney also has the option to lease up to an additional 50 per cent in square footage of the total leased space.
CBC was initially approved for a 10-year leasing agreement with Disney by an Order in Council in 2010, which was later extended by cabinet for a further five years in 2018.
When CBC’s proposal to lease space to Disney was approved by cabinet in 2010, the public broadcaster said at the time it was looking for tenants for unused space in its Toronto headquarters to raise rental income as it faced budget constraints.
Photo of CBC’s Toronto headquarters borrowed from CBC’s website
