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Historic Ogilvy's building could fetch $100M Groupe Devimco in negotiations to purchase Montreal landmark By Robert Gibbens, The GazetteJanuary 26, 2010 7:29 "Spoonman" Cyrille Esteve performs outside the landmark Ogilvy's building in Montreal. Le Groupe Devimco is reportedly in talks to buy the building for about $100 million.Photograph by: Phil Carpenter, The GazetteMONTREAL – The landmark Ogilvy's building on Ste. Catherine St. will probably be sold for about $100 million to Le Groupe Devimco, one of the backers of the big Quartier Dix30 lifestyle centre in Brossard, and partners. Toronto property developer David Jubb, owner of Pyxis Real Estate Equities, bought the Ogilvy's building from the Standard Life Assurance Co. of Canada in May 2000 for $50 million. His office said he was "out of the country" and unavailable for comment. Devimco president Jean-Francoisn Breton also was not available for comment. But Ogilvy's president Bernard Pare confirmed that sale negotiations are well advanced and in the due diligence stage, though "it's not yet a done deal." Some reports said a trust controlled by the Beaudoin and Bombardier families may be a partner in the Ogilvy's deal. It was one of the original investors in Quartier Dix30 along with a large Toronto-based property trust and two pension funds. Founded in 1866 by James A. Ogilvy at the northwest corner of St. Catherine and de la Montagne, the store was acquired in 1927 for the "modest sum" of $38,500 by James Aird Nesbitt, whose father had founded the brokerage firm of Nesbitt Thompson in Montreal, and was expanded into a full-size department store. A major overhaul in 1986 moved it upscale with 60 individual boutiques, including several leading luxury brands. It kept the famed bohemian crystal chandelier on the ground floor and the bagpiper. Jubb, who owns other commercial properties in Montreal, Toronto and Vancouver, made further improvements, including a new air-conditioning system.