Canada's Largest Pension Fund To Sell Its Headquarters
Canada’s Largest Pension Fund To Sell Its Headquarters
Canada Pension Plan Investment Board said it retained CBRE to sell its head office complex in downtown Toronto, a move that comes after the country’s largest pension fund announced it would move its global headquarters next year.
CBRE’s offering is for a 100% freehold interest in 1 Queen St. East and 20 Richmond St. East, a two-building office complex that contains 503,930 square foot of space and occupies a full city block.
Marketing materials obtained by CoStar News said the property offers potential buyers “a transformative opportunity to reimagine an iconic office complex in the heart of Toronto’s financial core.”
CPP Investments, the group that manages the Canada Pension Plan on behalf of 22 million contributors and beneficiaries, plans to relocate to 330,000 square feet in the second tower in CIBC Square at 141 Bay St.
The 50-storey tower is a joint development project between Montreal-based Ivanhoé Cambridge and Houston-based Hines that broke ground in 2021. It is expected to be completed in July, according to CoStar data.
CPP Investments said it will continue to anchor its current complex until it moves into its new head office next year. The complex includes a 398,527 square foot 26-storey tower on Queen and a 105,403 low-rise office property on Richmond that was constructed in 1893 and has heritage importance.
The two buildings are connected by a five-storey glass atrium, ground and concourse retail, and a four-level parking garage.
High-profile location
CBRE noted the complex is located at Yonge Street and Queen Street, a high-profile corner connected to Toronto’s underground PATH system and two subway stations that will include connections to the new Ontario Line, scheduled to open in 2031.
The complex has flexibility that permits residential redevelopment and hospitality conversion concepts.
“The mixed-use official plan designation and strong precedence of high-rise residential developments in the immediate node support compelling site densification strategies,” CBRE said in its flyer.
In 2013, CPP Investments said it acquired 100% of 1 Queen Street East and the adjoining 20 Richmond Street East from the Ontario Pension Board for $220 million.
Excluding CPP Investments, 1 Queen is 9.6% occupied and 20 Richmond is 27.3% occupied.
Officials with CPP Investments declined to comment.
Source CoStar. Click here for the full story.
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