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Case Study: Sherbourne and Howard

A diverse ownership group with competing interests required CBRE to develop an innovative, transparent and competitive bidding process for a soughtafter development site.

Key Information


Lanterra Developments and other prominent private investors/developers


Sherbourne Street & Bloor Street East, Toronto, ON


Innovate the traditional Modified Tender Process to maximize value and allow for existing owners to bid


This 1.17-acre high-density residential development site offered significant potential on the fringe of Toronto’s downtown core near Sherbourne Station. The area is expected to see significant development in the coming years, which will add density and introduce more commercial uses to this wellestablished neighbourhood.

The site had approved zoning for a 50-storey tower with 428,000 sq. ft. of total gross floor area and seven townhomes. An additional 11,840 sq. ft. of commercial space was also approved. The site is within walking distance of some of Toronto’s most affluent and vibrant neighbourhoods, including Yorkville, Rosedale and the Danforth.

Solution & Outcome

CBRE’s Land Services Group was engaged by Lanterra Developments and a diverse ownership group, including private investors and well-known development firms, to sell the property. However, some of the owners also wanted to submit offers. To ensure that the bid process was fair and resulted in the true market price for the development, CBRE initiated a unique process in which it was given the authority to execute a deal without review by the ownership group, in consultation with a third-party advisor. This arrangement reflected the trust that the ownership team had in CBRE to fairly execute the sale process on the high-profile site.

Also of interest, the brokerage team determined that they would use a Modified Tender Process with no asking price. This arrangement attracted multiple offers from numerous reputable GTA developers who were then shortlisted and asked to resubmit best and final offers. The site was sold to Concert Properties for a total consideration of ±$102.0 million, which exceeded the benchmark pricing in the node by a factor of two.

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