George Brown College (GBC) has announced the acquisition of Corus Quay at 25 Dockside Drive for a future expansion of the Toronto educational institution.

The joint acquisition with equity partner Halmont Properties announced Wednesday morning will consolidate a stretch of waterfront shared by Corus and GBC into what the institution describes as an "expanded campus," and open the door for GBC to eventually move new academic uses into the complex.

A press release issued by GBC states that the acquisition "will enable the long-term expansion of future-focused and career-oriented academic programs to assist students gain the skills they need to successfully support and participate in Ontario's long-term prosperity and competitiveness."

Michelle McCollum, Vice-President of Facilities and Sustainability at George Brown College, explained that the move "is a part of our larger 2050 campus master plan to better support our students, and the focus here is on providing future academic space." 

Dr. Gervan Fearon, President of GBC, calls the purchase "a vital long-term investment and asset for George Brown College and partners in support of our students and their success in Ontario's labour market, and in the economy of today and tomorrow."

"It will enable us to expand our academic offerings and fulfill our commitment to the development and education of our future leaders," said Fearon.

The change in ownership makes Corus Quay the latest addition to GBC's rapid expansion in the area of Queens Quay and Jarvis. George Brown opened its Daphne Cockwell Centre for Health Sciences in 2012 and moved its School of Design to the nearby Daniels City of the Arts complex in 2019.

It will further expand with the 2025 opening of Limberlost Place, Ontario's largest institutional mass timber building, at 185 Queens Quay East.

"Toronto's east waterfront has grown dramatically over the past decade and it's just getting started," said Joe Cressy, former City Councillor and Senior Vice President of External Relations, Communications, and Real Estate Development at GBC.

"By 2040, there will be an estimated 130,000 new residents and 50,000 new jobs along the waterfront. With our unique position on the waterfront, George Brown College is poised to be a foundational part of that growth, and a partner in addressing the long-term economic and social prosperity of Toronto, and Ontario," said Cressy.

But the lingering question in this deal is what will happen to the existing tenants, most notably, Corus Entertainment?

According to the press release, 480,000 square-foot building is set to retain Corus Entertainment as a long-term tenant. GBC confirms to blogTO that it will also honour the existing leases of tenants Irene Restaurant and Ecobee.

The deal with current owner H&R REIT, which has owned the property since 2012, is expected to close in Spring 2024.