128 Sterling was purchased with the intention of a brick and beam retrofit with existing income. The 85,000 square foot un-retrofit character building is adjacent to a contaminated site in the city of Toronto. Smycorp acquired 128 Sterling with Tom Ehrlich and partners in June 2010 for $3,000,000 at $35 per square foot. Smycorp holds a 30% interest in the building. The partners have invested roughly $40 per square foot to date in improvements of 20,000 square feet of unleased space while the existing leases, occupying the rest of the space, expire. Smycorp is currently working to lease the newly retrofitted space while construction continues on the remaining 65,000 square feet of the building which will come available in 2015. Upon completion there will be a unique, brick and beam, fully-leased office building yielding excellent returns.
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