theScore (SCR.T) lands future 80,000 square foot lease in Waterfront Innovation Centre, joining a media hub

Score Media and Gaming (SCR.T) and Menkes Developments, alongside BentallGreenOak, announced today that they have entered into an agreement for theScore to lease an 80,000-square-foot space in the Waterfront Innovation Centre.

The Waterfront Innovation Centre is an ongoing project taking place at Sugar Beach, near Toronto’s downtown core. The project is currently under construction, so they won’t be able to move in right away. The 80,000 square foot lease will cover more than 85% of ‘The Exchange’, one of two buildings in the new complex.

The sports news company entered a definitive agreement with Penn National which would see theScore acquired by the gambling company. Penn National has a market cap of over $10 billion, meaning they have very deep pockets with which to fund theScore, allowing them to expand and set up a state-of-the-art office.

“As our technology-driven business has grown across North America so too has theScore family, particularly in product development and engineering, with new team members joining every week. We are committed to supporting our strong Toronto roots, continuing to grow our operations and workforce, and are thrilled to do so in a new, state-of-the-art waterfront office space,” stated theScore Chairman and CEO John Levy. “Moving into this newly constructed building affords us the opportunity to design our ideal work environment and provides ample space for our rapidly expanding team. The Waterfront is fast becoming a hub for some of Ontario’s most innovative and forward-thinking companies, and we are excited that it will be our home for many years to come.”

Levy is correct when he says that the Waterfront is becoming a hub, but it’s not just a hub for “innovative and forward-thinking companies” as he put it. It’s becoming a media hub.

In the area, there are already multiple established media ventures. Corus Entertainment has set up a big operation in this area, with Teletoon, their kids’ cartoon network, and 102.1 the Edge, their alternative rock radio station, operating at the Queen’s Quay location, to name a few. Corus Entertainment even operates Quay Media Service in the area, a visual media production service, with a facility that allows them to offer 4K, UHD, 4K HDR support as well as animation and special effects.

Considering the current media presence on the Quay, it’s not surprising to learn that there are several media relations companies in the area; Media one creative and Page Zero Media are just across the street from theScore’s future office.

“Ontario’s deep talent pool, cutting edge innovation ecosystem, and competitive business costs make our province an ideal place for businesses to invest and grow,” said Ontario Minister of Economic Development, Job Creation, and Trade, Vic Fedeli. “Leaders in Ontario’s tech and entertainment sector like theScore will be at the forefront of our economic growth and recovery as we proceed out of the pandemic. We congratulate theScore on their expansion in Toronto and for their continued support of homegrown tech talent.”

Menkes is also aiming to equip the building with the fastest internet in Canada, allowing for faster uploading and easier research, as well as high-quality online interviews. In the new office, theScore will be set up within a mile of the Rogers Centre, home of the Blue Jays, Toronto’s Major League Baseball team, and the Scotiabank Centre, which hosts the NHL’s Toronto Maple Leafs and the Raptors, Toronto’s NBA team.

The announcement did not include the planned price for this office space, but you can probably guess it won’t be cheap. Many media companies have been burning through cash in recent years, often having to turn to rich benefactors *cough* WaPo owner Jeffrey Bezos *cough* in order to fund lavish spending. In this case, theScore will likely be turning to Penn National to fund their new state-of-the-art location. My guess is that Penn will be willing to take a loss on the news side of theScore in order to increase traffic to their bread and butter.

However it pans out, the agreement is drawing plenty of attention, with even the right honourable John Tory chiming in.

“The decision made by theScore to lease space at Toronto’s Waterfront Innovation Centre is not only a testament to the continued growth of our technology and innovation sector, but it will act as another confidence boost as we move forward in our pandemic recovery. Toronto has long been a city where businesses have chosen to come set up shop or expand their operations, and the decision by theScore will help further amplify that Toronto story that we are a city that welcomes businesses, new ideas, innovation and much more,” stated John Tory, Mayor of Toronto. “I want to thank theScore and Menkes for this partnership and for choosing to expand their team here – all of which will help increase economic growth and create new opportunities for our city and its residents.”