CBRE Brings JOEY to Toronto’s Financial District in One of Canada’s Most Significant Restaurant Deals
December 7, 2023 2 Minute Read
Premium-casual restaurant JOEY is taking the entire 17,000 sq. ft. ground-floor space at the foot of 20 King Street West in Toronto.
CBRE’s Alex Edmison, who along with his Urban Retail Team brokered the transaction, describes it as a “once in a century opportunity” that following an extensive build-out will result in one of the largest full-service restaurants in the country.
Boasting 25-foot ceilings and totally column-free, the space, which had been occupied by the Royal Bank since the building was constructed in the 1960s, sits at centre ice in downtown Toronto.
“This massive new JOEY restaurant will not only give people a new reason to come to work, but to come and stay and play in the financial district,” says Edmison, noting that the restaurant will also offer premium private dining experiences for celebrations of all sizes.
“This is part of a wave of exciting new restaurants opening that are making downtown the place to be.”
It’s not just for business lunches, he notes. “These new restaurants popping up around the financial core are making it a dinner destination for office workers as well as those considering coming from around the GTA for an amazing downtown dining experience.”
JOEY Restaurant Group, one of North America’s top restaurant chains, is demonstrating its firm belief in Toronto. “They have acted decisively to secure one of the premier locations in the country,” Edmison says.
The owners of JOEY, with existing Toronto locations at CF Toronto Eaton Centre, Yorkdale Shopping Centre, CF Sherway Gardens, CF Markville and CF Shops at Don Mills (along with 18 other locations nationwide), had been looking for another space in the heart of downtown Toronto, according to Edmison, who guided them to 20 King West.
Restos Bet on Toronto
The JOEY deal is the latest in a trend of high-end restaurants betting on downtown Toronto, including Alo Bar at 150 York (another CBRE deal) and Blue & Black at Exchange Tower, a deal that also involved CBRE.
Chinese fine dining concept Mott 32 is coming to the Shangri-La hotel at 180 University Ave and Daphne opened earlier this year at 67 Richmond St W.
“The future of restaurants and great dining experiences in downtown Toronto has certainly never been brighter,” Edmison says.
The King Street JOEY location under construction.
Morguard Corp. just closed on the sale of a portfolio of 14 hotel properties in Ontario and Halifax to InnVest Hotels and Manga Hotel Group for $410 million.
True North Real Estate Development’s proposed redevelopment of Winnipeg’s decaying Portage Place complex represents much more than a real estate investment, according to CBRE’s Paul Kornelsen.
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