Rogers Media has sold one of its Toronto production offices, located at Bathurst Street and Lake Shore Boulevard West, to real estate firm Canderel.

The 1.8 acre site housed teams from across Rogers Media, in addition to a number of other brands owned by the media co. The transaction fee was not disclosed.

A spokesperson for Rogers Media told Playback Daily the company will remain as a tenant in the building until 2018. Employees currently working at the site will be moving to other Rogers offices across the GTA over the next year.

The sale of the production studio comes as Rogers and other media companies face financial strains on local television. In February, Rogers suspended production at its York Mills Road station and laid off 10 employees. At the time, director of communications Michelle Lomack told Playback the move was a result of the CRTC’s policy decision to reduce community television funding from 2% of basic cable revenues to 1.5%.

The announcement also comes in a transitory period for Rogers after it was announced last week that incoming president and CEO Joe Natale would be assuming the new position on April 19. Rogers and Telus, Natale’s previous employer, reached an undisclosed agreement to secure his early release from the telecommunications company. Natale previously served as CEO and president at Telus and is replacing Guy Laurence, who stepped down in October.