Professional Engineers Ontario to move to new HQ
Professional Engineers of Ontario has bought a new building to use as its headquarters. The association will be mov...
Professional Engineers of Ontario has bought a new building to use as its headquarters. The association will be moving into its eight storey building at 40 Sheppard Avenue West before the end of the year. It is near the Yonge Street subway line in North Toronto, not far from its current location.
PEO will occupy approximately 50,000 square feet in its new premises, and will lease out the rest of the 100,000 sq. ft. space.
With the rental income and reduced municipal taxes, the association will be able to have nearly twice its present space for the same cost. It currently leases 30,000 square feet at 25 Sheppard Avenue West.
J. David Adams, P.Eng., PEO President, explained that the association’s vision is to have on-site an examination hall, lecture theatres, meeting facilities for members and clients, and an engineering museum.
Adams said: “Current economic conditions allowed us to pursue this exciting opportunity, which will enhance our operations and profile without significant financial burden.”
The association will move into its new building stages before its current lease expires at the end of the year.
To finance the acquisition, members have agreed to a $20 rise in annual fees.