320 Bay Street, known as The Permanent, is one of downtown Toronto's most iconic addresses. Designed by architect Henry Sproatt and constructed between 1928 and 1931, this 18-story, 300,000 sq ft Art Deco landmark stood as the tallest building in Toronto at the time of its completion. Originally the headquarters of the Canada Permanent Trust Company, the building's limestone façade, gold-coffered lobby, ornate gargoyle carvings, and brass-detailed elevators have made it a singular landmark in the Financial Core.
Acquired by Menkes and TD Asset Management in 2019 and fully restored by 2021, 320 Bay Street has been repositioned as a Class A office tower—combining the building's storied Art Deco heritage with the infrastructure, systems, and workplace experience expected by today's leading organizations. The restoration included full electrical and mechanical upgrades, a destination dispatch elevator system, new lobby construction with a direct connection to Toronto's PATH underground network, new washrooms, and new concrete floors, all designed by B+H Architects.
Located on the southwest corner of Bay and Adelaide streets in Toronto's Financial Core, 320 Bay Street is steps from Union Station, the TTC subway, GO Transit, UP Express, and VIA Rail—and directly connected to the PATH, Canada's largest underground pedestrian network. With approximately 85% of the building leased, a limited selection of premium office spaces remain available for forward-thinking tenants seeking a unique address in the heart of the city.
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320 Bay Street combines over 90 years of architectural heritage with a comprehensive Class A building retrofit completed in 2021. The result is a workplace that is both historically significant and operationally modern, a combination found at very few addresses in downtown Toronto.
Building Highlights:
320 Bay Street sits on the southwest corner of Bay and Adelaide Street, at the centre of Toronto's Financial Core, steps from Canada's most important financial institutions, legal firms, and professional services organizations. The building is surrounded by dense mixed-use towers, world-class hotels, award-winning restaurants, and unmatched transit infrastructure.
Union Station, the hub of TTC subway, GO Transit, UP Express, and VIA Rail, is a five-minute walk from the building's front door. Residents of the PATH network can reach multiple downtown destinations entirely underground without stepping outside. Bike storage on-site and proximity to major cycling routes serve the building's increasingly diverse commuter base.
Nearby Amenities & Landmarks:
A limited selection of premium office suites remains available at 320 Bay Street across multiple floors, ranging from partial-floor options to full-floor configurations. Each available space benefits from the building's fully restored mechanical, electrical, and structural systems, and comes within a landmark building whose character cannot be replicated in new construction.
320 Bay Street (The Permanent) is an 18-storey, 300,000 sq ft Class A office building in Toronto's Financial District, designed by Henry Sproatt and originally built between 1928 and 1931. Acquired and fully restored by Menkes Developments and TD Asset Management between 2019 and 2021, the building combines historic Art Deco architecture with modern office infrastructure managed by Menkes. 320 Bay Street is located on the southwest corner of Bay Street and Adelaide Street West in downtown Toronto's Financial Core. The building is a five-minute walk from Union Station, steps from King Street West, and directly connected to the PATH underground network through its lobby. Yes, 320 Bay Street has a direct connection to Toronto's PATH underground network through its main lobby. This allows tenants to access Union Station, the Financial District, major hotels, and retail destinations across downtown Toronto entirely underground. 320 Bay Street is served by the full spectrum of Toronto transit. Union Station, offering TTC subway, GO Transit, UP Express, and VIA Rail connections, is a five-minute walk from the building. The PATH network provides direct underground pedestrian access to key downtown destinations, and on-site bike storage serves cyclists. 320 Bay Street is owned and managed by Menkes Developments Ltd. in partnership with TD Asset Management. The building was acquired in 2019, underwent a comprehensive restoration between 2019 and 2021, and was repositioned as a Class A landmark office property under Menkes management. 320 Bay Street, originally known as the Canada Permanent Trust Building, was designed by prominent Canadian architect Henry Sproatt and constructed between 1928 and 1931. It was the tallest building in Toronto at the time of completion. The building's Art Deco limestone façade, gold coffered lobby, brass-detailed elevators, and ornate gargoyle carvings remain intact and were meticulously preserved during the 2021 restoration. To inquire about available office space at 320 Bay Street, visit the Available Space section of this page or contact the Menkes commercial leasing team directly at https://www.menkes.com/commercial/projects/320-bay-street/contact.320 Bay Street, Toronto - The Permanent Building
A Landmark Restored - Building Features & Specifications
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