TORONTO — An investment firm is paying $14-million to buy 10 Toronto St., home of the corporate office for Hollinger Inc. and formerly the long time Toronto headquarters for Conrad Black.

Morgan Meighen & Associates, an independent Canadian investment manager with over $1.2 billion under management, said Friday it intends to do restoration work on the distinctive three-storey stone building, which was built in the 1850s.

It was built for the Province of Upper Canada -- Ontario before Confederation -- as a post office and was later used by the Bank of Canada.

It then became the headquarters for Argus Corp. -- which at one time was one of Canada's pre-eminent business conglomerates.

After Lord Black gained control of Argus, he continued to use the building as the base for head-office functions for Argus, Hollinger Inc. and Ravelston Corp. -- Canadian companies that were instrumental in controlling what was once one of the world's biggest newspaper empire in terms of circulation.

The property is owned by a subsidiary of Hollinger, which has been selling its real estate assets after Black's departure amid a financial scandal that erupted three years ago.

Hollinger and Morgan Meighen said it expects the transaction to close in May.