If you're in the market for a "landmark office mansion", good news is this architectural beauty just dropped its price. 

37 Madison Ave. was first listed back in 2022 for $7,195,ooo, but never sold.

It has been re-listed several times and is now almost $2 million cheaper. 

The foyer with stained glass windows and a detailed staircase. 

The house has just been relisted for $5,500,000, and despite the price drop, it's as beautiful as ever. 

An office with an original fireplace. 

The mansion was designed by none other than the famed architect E.J. Lennox, the same visionary behind some of Toronto's most iconic buildings like Casa Loma as well as Old City Hall.

A close up of the intricate original woodwork and fireplace. 

Known for his eclectic style that blends Gothic, Romantic Revival, Queen Anne, and Edwardian influences, 37 Madison Ave. is a shining example of Lennox's unmatched craftsmanship. 

The ornate detailing on the staircase. 

From the intricate facade to the ornate detailing, and unmistakable charm throughout the home, you can't help but marvel at how much work went into creating this mansion.

An office with lots of natural light. 

37 Madison Ave. was originally completed in 1891 as the private residence of house builder Lewis Lukes and is one of the first and finest examples of Toronto's "Annex style" homes.

Original stained glass windows and fireplaces add charm to the office. 

Every corner of this 7,000 square-foot house tells a story, realtor Amber Honor Elson told blogTO.

An arched window in the boardroom. 

From the intricate moldings to the stately fireplaces and even little details like the staff staircase make it a living piece of Toronto's past.  

A sitting area in what might have once been the living room. 

Currently, the property is home to a public relations company. It boasts 12 offices spread over three floors and four bathrooms. 

Soaring ceilings and big windows bring in natural light to even the narrowest of spaces. 

While the property is currently used for commercial purposes, it could be re-converted back to a residential home if the new owners were so inclined. 

An office. 

However, given the location and its proximity to the loud fraternity houses and The Madison, it seems more likely it will remain a commercial space. 

The main floor. 

Although, I could definitely see it turning into a stunning boutique hotel like The Gladstone House or The Broadview Hotel. 

An office with arched alcoves. 

With soaring ceilings, expansive windows that flood the rooms with natural light, and original woodwork that adds a sense of warmth and history, it's the perfect backdrop for a bougie hotel.

A small office. 

Also, since it is located between the vibrant Yorkville neighborhood and the Annex, this property places you in the heart of Toronto and is perfect for tourists looking to explore. 

The back of the house with eight parking spaces. 

But given properties in this area typically sell for around $3 million, it might still be a while until the right buyer comes along. Especially considering the amount of work it would need to transform it into something other than offices.