The Icon II — Rental Market Data

The Icon II at 250 Wellington Street West holds four active listings as of August 31, 2026, with asking rents ranging from $3,700 to $5,800 per month, an average of $4,299, and a median of $3,848. Average suite size across active inventory is 955 square feet at an asking rate of $4.75 per square foot. The two-bedroom tier accounts for 50 percent of available units, indicating that current inventory leans toward multi-bedroom executive layouts rather than compact entry-level suites.

The dominant active layout at The Icon II is the two-bedroom, with two listings representing 50 percent of available inventory at an average asking rent of $3,848 per month, 745 square feet, and $5.16 per square foot. The one-bedroom-plus-den tier offers a single listing at $3,700 per month across 735 square feet at $5.03 per square foot, while the two-bedroom-plus-den tier also carries one listing at $5,800 per month across 1,593 square feet at $3.64 per square foot.

The Icon II's four active listings span a $2,100 spread from a minimum entry rent of $3,700 to a peak asking rent of $5,800, a 56.8 percent range. The median asking rent sits at $3,848 per month. The entry-level suite is a one-bedroom-plus-den at 735 square feet and $5.03 per square foot, while the peak offering is a two-bedroom-plus-den at 1,593 square feet and $3.64 per square foot, reflecting a premium for nearly double the living area.

The Icon II's active den premium and associated square-footage delta cannot be reliably quantified from the current four-listing sample, as paired comparable data is insufficient to isolate a marginal cost per square foot for den space. Active parking stall premiums likewise cannot be reliably isolated from current listings due to an unreliable or insufficient paired sample. Historical lease data does establish a verified parking benchmark of $86 per month, which provides a reasonable reference point for renters budgeting for a stall.

The Icon II's active asking rent of $4,299 per month exceeds the Entertainment District submarket average of $3,542, yet the building's $4.75 per square foot rate is 14.1 percent below the submarket asking benchmark of $5.53 per square foot. This divergence is driven by suite sizing: The Icon II's average active unit of 955 square feet is substantially larger than the typical submarket listing, so the higher monthly outlay reflects more living space rather than a premium per-unit price. The building currently accounts for four of the 153 active listings across the Entertainment District submarket.

The Icon II's average closed lease rent of $2,646 per month sits $244 below the four-comparable average of $2,890, with individual benchmarks ranging from $2,740 at No. 55 Mercer to $3,038 at Nobu Residences. The Icon I at 270 Wellington St W closed leases averaging $2,808 per month at $4.17 per square foot across 671-square-foot suites, a $162 (5.8%) premium over the subject. 263 Wellington St W recorded an average of $2,975 per month at $3.41 per square foot over 876 square feet, reflecting its larger-format layout. No. 55 Mercer at 55 Mercer St closed at $2,740 per month, $4.74 per square foot, and 593 square feet, while Nobu Residences at 15 & 35 Mercer St achieved $3,038 per month, $4.55 per square foot, and 679 square feet. The subject's $2,646 average thus represents the lowest realized rent in this immediate cluster, a gap driven by its 2003 construction date and 654-square-foot median suite.

The Icon II leases at $4.09 per square foot across an average 654-square-foot suite, a rate that undercuts three of four nearby comparables on a per-square-foot basis while offering more interior area than The Icon I (671 sq ft) and Nobu Residences (679 sq ft). Against The Icon I at $4.17 per square foot, the subject trades at a $0.08 per square foot discount, and tenants receive 17 fewer square feet in return. Versus No. 55 Mercer at $4.74 per square foot, the subject offers a $0.65 per square foot savings and 61 more square feet of living area, making it the more spacious option at a lower rate. Against Nobu Residences at $4.55 per square foot, the subject is $0.46 per square foot cheaper with 25 fewer square feet. The one exception is 263 Wellington West, where the subject commands a $0.68 per square foot premium over the comp's $3.41 rate, yet delivers 222 fewer square feet—meaning renters there gain substantially more space for a similar monthly outlay. The net effect is that The Icon II occupies a mid-value slot: cheaper per square foot than the 2023–2024 Mercer Street towers, slightly pricier per square foot than the 2009-era 263 Wellington West, and marginally below its 2002 twin on rate while offering a comparable footprint.

The Icon II delivers a full-service wellness and social amenity suite—indoor pool, hot tub and jacuzzi, sauna and steam room, gym, business centre, games and billiards room, BBQ area, and rooftop terrace—that distinguishes it from both the older 263 Wellington West and the newer Mercer Street towers. Where 263 Wellington St W offers only a gym, party lounge, meeting room, rooftop terrace, and media room, the subject adds an indoor pool, hot tub and jacuzzi, dedicated business centre, games and billiards room, and BBQ area—five signature features entirely absent from that 2009 building. Against No. 55 Mercer, which emphasizes a yoga studio, dog run, basketball court, EV charging stations, and a luxury EV carshare program, the Icon II counters with its indoor pool, hot tub and jacuzzi, and games and billiards room, amenities the 2023 tower does not provide. Nobu Residences leans into a spa-forward package with a cold plunge pool, ofuro, pet wash station, massage room, and spin studio; the subject's traditional indoor pool, hot tub and jacuzzi, and BBQ area serve a different lifestyle preference. The tenant best served by this package is the mid-career professional or small household seeking a turnkey wellness environment—swim, sauna, gym, and social lounge under one roof—in the heart of the Entertainment District without committing to the ultra-compact footprints or premium per-square-foot rates of the 2023–2024 Mercer Street generation.