A three-building Richmond Hill office portfolio has traded for $84.6 million as investors continue to pursue well-leased office properties across the Greater Toronto Area.

The transaction saw Brampton-based Soneil Group of Companies purchase the portfolio in Richmond Hill’s Beaver Creek Business Park totaling 307,482 square feet from Dorsay Development Corp., which had owned the property since 2015.

The sales price is approximately $275 per square foot, with a capitalization rate of 6.46%, based on reported annual net operating income of $5.47 million.

The portfolio includes a six-storey office building completed in 1988 and two four-storey office buildings completed in 2001. CoStar data shows the portfolio was approximately 96% leased at the time of sale.

 

The transaction comes as office market fundamentals continue to stabilize across the Toronto region.

The Toronto office vacancy rate declined to 9.6% in mid-2026, down from 11.3% a year earlier, according to CoStar data. Toronto’s office market recorded more than 6.5 million square feet of positive net absorption, or the net change in occupancy, over the previous 12 months, while sales of office properties increased to approximately $2.5 billion.

CoStar data shows leasing activity has increased in recent quarters as availability declines and demand for quality space has increased. More than 11.2 million square feet of office space was leased across the market during the previous 12 months.

Soneil Group is a Brampton-based real estate investor and developer led by President and CEO Neil Jain that owns and manages more than 5 million square feet of industrial, office, and retail real estate across the GTA.

Dorsay Development is a Toronto-based developer and landowner led by CEO Geoffrey Grayhurst that owns 14 commercial properties.

The largest building in the portfolio, 95 Mural St., contains 108,569 square feet. The office building sold for an allocated price of $28.4 million. Tenants include Hydro One, Skytek and CoStone Group.

The sale also included a 97,457-square-foot office building at 30 Leek Crescent that sold for an allocated price of approximately $28.3 million. Major tenants include Kids & Company, Ameresco, Kenilworth Media, Veradek Outdoor and VSP, according to CoStar data. The 101,456-square-foot office building at 38 Leek Crescent sold for approximately $27.9 million and is fully occupied by software company OpenText.

Neither the buyer nor the seller immediately responded to requests from CoStar News for comment.

CBRE arranged the sale on behalf of the seller. The listing brokers included Vice Chairman Jaysen Smalley, Senior Vice President Matt Gunning and Vice President Kai Tai Li of the firm’s Toronto office.

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