Nortel sells HQ building to Rogers Communications
Last Updated: Tuesday, October 25, 2005 | 4:54 PM ET
CBC News
Rogers Communications is shelling out $100 million to buy Nortel Network's massive corporate headquarters building in Brampton, Ont., the companies announced Tuesday.
Rogers (TSX:RCI.nvb) gets the one-million-square-foot office space along with 57 hectares of land. The company is scheduled to take possession of the site on Jan. 4, 2006.
Nortel (TSX:NT) said it is planning to relocate to two offices in the Toronto area, a sales studio and a larger corporate centre.
"Nortel will continue to have a significant presence in the Toronto area in order to remain close to customers, be in close proximity of the financial capital of the country and to leverage the large talent pool in the area," Bill Owens, Nortel's chief executive officer said in a release.
Nortel's corporate headquarters building, Brampton, Ont.
According to Nortel's website, the Brampton location houses the company's Canadian sales, marketing, global operations, human resources, finance and legal departments, among others.
Rogers Communications currently has its corporate offices in several buildings in downtown Toronto.
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