TORONTO - Toronto's storied Masonic Temple has found a new owner in a $12.5-million transaction after Bell Media (TSX:BCE) decided to sell the former concert hall earlier this year.
Technology consultancy firm Info-Tech Research Group has purchased the historic building, which was most recently home to MTV Canada and previously hosted famous rock bands like the Rolling Stones and Led Zeppelin.
Info-Tech, which is headquartered in London, Ont., will renovate the downtown building to accommodate its satellite office.
The firm says it intends to maintain the main concert hall's design so that it can move out office desks for its annual black-tie charity rock concert.
The six-story building on Toronto's Yonge Street was first a concert hall that hosted famous musicians like Frank Sinatra and David Bowie. It was also a favourite rehearsal space for the Rolling Stones.
Built for a secret society in 1918, the Masons sold the building to The Rosedale Group in 1996.
The new owners pledged to reopen the hall and transform it into a centre for the arts, but a year later, announced plans to tear it down and build condos on the site.
The Toronto Heritage Board fought back and it was sold to CTV in 1997.
It became the home of the late night talk show "Open Mike with Mike Bullard'' and various other CTV-owned programs including "eTalk Daily," "Canadian Idol" and TSN's "Off The Record."
BCE Inc. took control of MTV in 2011 after it completed its $3.2-billion acquisition of CTV, bringing 29 specialty channels under its wing.