A man in his 40s has been pronounced dead in hospital after a reported stabbing in downtown Toronto on Saturday afternoon.

Police say they located a man with obvious trauma to his chest area around 2:30 p.m. in the hallway on the fifth floor of a building near Sherbourne and Dundas streets.

The victim was taken to hospital in life-threatening condition, paramedics said.

He later succumbed to his injuries, police confirmed.

The homicide unit is taking over the investigation.