The Bay building is up for sale
The red sandstone building of the Bay store on Phillips Square is such a landmark in downtown Montreal that it’s a little shocking to see that it’s up for sale. Supposedly the building will continue to have a store on the first couple of floors while the rest will be turned into offices, but we know that when buildings get sold it’s the new owner who decides what happens next.
Ian 09:55 on 2020-09-08 Permalink
While many have speculated over the years about how much longer the Bay will stay in business, strange choice to retrofit a department store as office space in the midst of one of the worst times to be an office space property manager.
In any case it’s not like the Bay didn’t do a number on the building over the decades since they bought it after Morgan’s went out of business – I hope at the very least some of the horrible aluminum panel cladding disappears so we can enjoy the facade underneath.
DeWolf 10:09 on 2020-09-08 Permalink
It will be a few years before any changes are made to the building so the pandemic will (hopefully) be over by then. It’s also likely that the new owner will apply for a zoning exemption in order to build a high-rise condo tower where the 1970s-era extension on de Maisonneuve is.
Chris 10:11 on 2020-09-08 Permalink
Ian, this being a ‘bad time for office space’ may mean that they’re buying it for relatively cheap. They’re probably also betting (correctly IMHO) that office space will be popular/valuable again in a couple of years.
+1 re aluminium cladding!
Max 10:19 on 2020-09-08 Permalink
Funny to think that the basement level of this 1891 structure determined the mezzanine level of metro McGill 75 years later.
But yeah, that cladding has to go. I’m all for maintaining an overhang over the sidewalk, but not that one.
Kevin 14:58 on 2020-09-08 Permalink
Considering how companies were already shifting towards hoteling their employees before the pandemic, I’m surprised that anyone is contemplating building office space.
On the other hand, those ceilings would make awesome lofts if anyone wants to live downtown ever again 😉
Ian 16:34 on 2020-09-08 Permalink
The only reason I hesitate to agree with you, Chris, is that I happen to know some people that worked for Canderel and they have a heck of a time leasing office space in older buildings such as 1010 Gauchetière ouest – everyone wants to be in a new building. Retrofitting is a hassle and being in a new construction with good windows & HVAC is a big deal – plus with the Leeds certification rules it’s often cheaper to get new space than to retrofit old.The only advantage older spaces have is location, and if people want to work from home that’s much less important – and really the business district just down the hill is nicer.
Still, just look at the old facade of Morgan’s “Colonial House” in 1913 – that overhang was gorgeous at one time.
DeWolf 17:30 on 2020-09-08 Permalink
That makes me wonder why the Morgan’s overhang wasn’t replicated more widely around Montreal. Given our climate it would be nice to have more sheltered spaces along commercial streets.
JaneyB 18:03 on 2020-09-08 Permalink
And just as I suspected…the REM link is in the mix. Even though office space is depressed right now, the value of that building must have greatly increased due to its direct link to our massive newly expanded transit matrix. The new buyers basically cannot go wrong with an asset like that whether they make it offices, condos, or both. Interesting news but a bit sad since I kind of enjoy drifting around inside the Bay. Great deals on wool sweaters, people!
david25 00:48 on 2020-09-09 Permalink
It’s depressing to reflect on the Bay’s drop – just a few years ago, that atrocious Maisonneuve side was going to be renovated into a Saks shop. Now, this.
Still, whoever takes over would do well to restore that beauty of a building. However bad the marked gets, office will do great there: high ceilings, ideal location, perfect open floor plans, iconic/famous building, great views, and a walk/transit score of a million. They’ll land a Google-quality company for the space there.