The historic Dominion Public Building has sold for $275.1 million to Larco Investments Ltd., a private real estate firm headquartered in Vancouver.

CBC reported in January that the beaux-arts building was being put on the market by the Canada Lands Company (CLC), the crown corporation that acquires surplus federal government properties to manage their sale and redevelopment.

A spokesperson for the CLC confirmed the sale with Larco closed on March 15, but offered no other details about the building's future.

Long a centre for federal tax administration, the 1930's structure currently houses offices for about 1,500 federal employees. The government announced plans to move the staff to new offices in the GTA by 2021.

When CBC first reported on the building's potential sale in January, developer and real estate broker Brad Lamb commented that he didn't think any buyer would keep the building "as is," instead predicting a "mega-development."

Toronto: front street sketch

Original architectural drawings for Dominion Public Building, which was constructed in the 1930s. (City of Toronto Archives)

Any redevelopment of the existing building will have to take place under heritage protection. The Dominion Public Building is listed on the city's Heritage Register and forms part of the Union Station Heritage Conservation District.

The property is zoned "commercial residential" and building regulations would allow a tower up to 137 metres tall.