A man is dead after he was stabbed in the city’s financial district on Wednesday night.

Police were called to the area of University Avenue and King Street West just before 11 p.m.

The man, believed to be in his 50s, was stabbed during some type of confrontation that occurred on the northeast corner of King and University.

He was rushed to hospital with life-threatening injuries and later died.

Based on witnesses accounts at the scene, police were able to identify a suspect, chase him down and arrest him.

There is no word on charges at this point.

Police said the suspect and the victim knew each other.