Typically, when you think of a Toronto penthouse suite, you imagine a luxurious condo with soaring ceilings, fancy furniture, and floor-to-ceiling windows with stunning views of the city.
And 1501- 552 Wellington St. W definitely has all that; it just happens that the fancy furniture is office furniture.
Yeah, you can turn a penthouse suite into a stunning office if you want.
One of the bathrooms.
Unconventional? Yes. Is it kinda weird that there’s a full bathtub in the “office” bathroom? Also yes. But who says an office needs to be in an office building?
The lobby.
Located in the former Thompson Hotel, now called 1 Hotel, this 8,400 square-foot penthouse suite is a great multi-use space.
The bedrooms make for great bright offices and board rooms.
What could be a living room.
While the large living spaces are super bright and perfect for multiple workspaces.
A kitchenette.
There’s also a full-size kitchen and a kitchenette, so there are multiple spots to make coffee, have lunch or just ruin someone’s day for fun by microwaving fish.
A board room with a view.
There’s also tons of outdoor space, which is not really essential for a work environment but is a nice bonus.
Three elevators open into the unit.
Currently, the penthouse suite houses the offices for Freed Developments and two investment firms.
However, if you can use your imagination, 1501 – 552 Wellington St. W could also be one stunning residential condo.
An office with big windows.
With four bedrooms, four bathrooms and four balconies, it is not hard to imagine desks as beds.
A fireplace with a marble surround.
The open office with cubicles easily becomes a cozy living room with a fireplace, deep sofas and floor-to-ceiling bookcases.
The boardroom table is now a large dining table for lavish dinner parties.
Instead of a board meeting table it could be a dining table.
The four balconies, which were most likely underutilized by employees, can now be transformed into an outdoor oasis with 360-degree views of Toronto.
The south-facing balcony that spans the entire length of 1501, in particular, is just screaming for a summer glow-up.
Bedrooms converted into offices.
Plus, when you live in a five-star hotel like 1 Hotel, there are a ton of amenities that come with the residence.
Gym with personal trainers for hire? Check. Rooftop pool with stunning views of the city? Check. Gourmet Restaurants? Double check.
The unit also comes with four storage lockers and four parking spots.
Freed offices.
The only thing that might be a deterrent for someone looking to buy this unit as a home is the price.
Listed for $24,888,000, 1501- 552 Wellington St. W is the most expensive unit listed in the building and, currently, the most expensive condo listed in Toronto.
A sunny balcony and office.
Now, it’s not really for us to say if something is overpriced; the price will reflect what the market will bear.
However, for context, the average price per square foot in 552 Wellington St. W is $1,040 per square foot, according to Strata data.
So by that logic, the price should be closer to $9 million, but that’s residential pricing.
The lobby or foyer.
In 2024, CoStar estimated the market value for office buildings in Toronto to be $442 per square foot, meaning if this is selling as office space, the price should be around $4 million.
But since a unit like this has never sold before, it’s really hard to value such a unique space. Still, almost $25 million seems steep by any metric.
