When the Mount Royal Hotel opened in 1922 on Peel Street downtown, it was more than an occasion: The largest hotel in the British Empire at the time, it occupied an entire city block steps from Sainte Catherine street and the commercial heart of a city that was, at that time, the economic capital of Canada. It was where deals were made, celebrations were held, and reputations were built. Bryan Spatzner, who now leads the firm MTRPL which acquired with their partners including SailCap and Blueberry Tree, the office component in 2024, has a personal connection to the building that goes back generations. "My grandparents got married here," he says.
The building was designed by Ross and Macdonald, the Montreal architectural firm responsible for enduring landmarks including Holt Renfrew, the Dominion Square Building, the downtown Eaton's. Their signature was ambitious design rendered in stone, and the Mount Royal Hotel’s Beaux-Arts facade was no exception with its rusticated stone base, pilasters, and ornamental detailing.
Montreal in 1922 was the largest city in Canada, and buildings wanted to look the part. The hotel was no different, featuring a grand lobby with a crystal chandelier centrepiece sourced from the Monte Carlo Casino which hangs there today. The hotel went on to operate for nearly six decades before closing in 1984.
Four years later, a Toronto-based group undertook a $140-million conversion, transforming the full city block into the mixed-use complex it is today: residential towers, a shopping centre, and two office towers totalling 258,000 square feet. The bones were exceptional, the systems were overhauled and, somewhere along the way, the office component became a best-kept secret of Montreal's office space options.
Now? The Les Cours Mont-Royal is available for lease.
The third act
After MTRPL acquired the Peel and Metcalfe office towers, work began almost immediately. The building's structure and systems were in good shape—the 1988 conversion had seen to that—so the mandate was cosmetic but no less ambitious: New carpets, LED lighting throughout, glass-fronted suite entrances to draw light into the hallways.
In spaces where drop ceilings were removed, century-old crown mouldings emerged from behind drywall, unseen for decades. Exposed steel columns, stripped of gyprock and painted, add depth and texture that no new build can replicate.
"A lot of people may not even know there's office space associated with Cours Mont-Royal," says Spatzner. "People generally think of the residential condominiums or the shopping centre," he adds, alluding to the four-season swimming pool with panoramic views hidden above the city streets inside. It's been there for decades, tucked above the storied address and largely unknown to anyone who doesn't work inside.
That's changing fast. Since acquiring the property, MTRPL has leased roughly 40,000 square feet of previously vacant space, with a tenant roster that now includes the City of Montreal, McGill University, Theratechnologies, Innocap, and a new female-focused medical clinic called Ecovena.
Life at 1555 Peel
MTRPL moved its own offices into the building, but that’s more than a gesture. Spatzner describes his view from the seventh floor: Peel Street below, low-rise heritage buildings across the way, terrasses going up as spring arrives, the energy of F1 weekend visible from his desk.
"You're downtown, but still connected to the city," he says. "You're not in some 50-storey tower looking down on the street like it's Google Maps. Here, you really have a feeling of being connected to the city."
That connection extends inward: The rooftop health club—pool, squash courts, gym, sauna, steam rooms, and a terrace being fitted with new furniture and lighting—is available to all tenants. A Peel Street address means an abundance of dining options, after-work terrasses, and a neighbourhood that stays alive well past 5 p.m. Underground parking and direct access to the Peel metro station and Underground City take care of the commute.
Flexible floor plates run from boutique suites to full floors. Turnkey build-outs are available. Asking rents sit around $35 a square foot, utilities and cleaning included. It’s a number aimed at getting people's attention.
"We're kind of hitting on all parts of the value chain," says Spatzner. "The product, the amenities, the connectivity—and at a price point that's very attractive."
The Mount Royal Hotel spent six decades as the address in Montreal. Les Cours Mont-Royal spent the next few as something people walked past without looking up. MTRPL is betting on a third act.
Based on the leasing velocity, the market agrees.
Office space is available now at Les Cours Mont-Royal. Learn more and book a tour at coursmontroyal.com.
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