Top Office Leases Recognized For Toronto
Top Office Leases Recognized For Toronto
Prominent office leases signed by AstraZeneca PLC, Allstate and Metrolinx negotiated by top dealmakers from Cushman & Wakefield, Avison Young and CBRE are among the first-quarter office leases recognized by CoStar.
As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar is pleased to recognize the following top leases completed during the first quarter and the dealmakers who made them happen in their respective markets.
Here are the Greater Toronto office leases selected as the first-quarter 2025 winners of the CoStar Power Broker Quarterly Deal Awards:
TOP LEASE: Bell Campus, Building E, 5115 Creekbank Road, Mississauga, ON
Space Leased: 249,118 SF
Deal Type: New Lease
Size: 249,118 SF
Tenant: AstraZeneca PLC
Brokers Involved: Katya Shabanova, Fay Goveas and Craig Trenholm of Cushman & Wakefield represented the landlord.
Deal Commentary: The big office news in the first quarter was AstraZeneca Canada’s announcement of its plans to expand and relocate its operations to 5115 Creekbank Road, Mississauga, in late 2026. The move, which involved AstraZeneca signing a full-building lease, is part of the drugmaker’s $820 million investment in Canada, supporting the company’s ambitious goal of reaching US$80 billion in total revenue by 2030, with plans to deliver 20 new medicines globally. The expansion will keep its research and multi-functional hub within Mississauga while establishing a new campus alongside Bell Canada.
TOP LEASE: Steeles Technology Campus, Phase 2, 3389 Steeles Ave. E, Toronto, ON
Space Leased: 27,923 SF
Deal Type: New Lease
Size: 335,396 SF
Tenant: Allstate
Brokers Involved: Matt Gunning and Katie Wilson of Avison Young represented the landlord. David Chiarello and Reid Bethell of CBRE represented the tenant.
Deal Commentary: Insurance and financial services firm Allstate committed to occupy just under 28,000 square feet of office space at Steeles Technology Campus in Toronto during the first quarter. The high-profile property is located at the intersection of Steeles Avenue East and Highway 404 and is owned by a Crestpoint investment fund along with Markham, Ontario-based North American Development Group and Toronto-based Hazelview Properties.
TOP LEASE: 5650 Yonge St., Toronto, ON
Space Leased: 25,454 SF
Deal Type: New Lease
Size: 567,885 SF
Tenant: Metrolinx
Brokers Involved: Matt Gunning, Mark Sullivan and Katie Wilson of Avison Young represented the landlord.
Deal Commentary: In a top deal signed last quarter, Metrolinx will be opening a new office and become the largest tenant in this downtown 23-storey office tower owned by Manulife Financial Corp. The office tower is part of North American Centre, a two-building, 1.2 million-square-foot office complex located on the northwest corner of Yonge Street and Finch Avenue that features a direct connection to the Finch Subway Station.
TOP LEASE: 175 Bloor Street East, South Tower, Toronto, ON
Space Leased: 24,869 SF
Deal Type: New Lease
Size: 304,211 SF
Tenant: National Payroll Institute
Brokers Involved: Sam Carr of Allied Properties REIT and Eric Shaw, Cam Mitchell and Steven Sotiroff of Cushman & Wakefield represented the landlord. John Reid of Colliers represented the tenant.
Deal Commentary: The National Payroll Institute, a national advocacy organization representing payroll professionals, secured a lease for just under 25,000 square feet in this 18-storey office tower located at the intersection of Bloor and Church streets. This office tower was one of six acquired Allied Properties Real Estate Investment Trust in 2022 from Choice Properties REIT, Canada’s largest REIT, as part of its decision to reduce its office holdings and focus on its core business of essential retail and industrial. Under the deal, Allied added 1.2 million square feet in Canada’s three largest cities.
TOP LEASE: EQ Bank Tower, 25 Ontario St., Toronto, ON
Space Leased: 22,246 SF
Deal Type: New Lease
Size: 464,500 SF
Tenant: Equitable Bank
Brokers Involved: Brendan Sullivan and Mackenzie Sharpe of CBRE represented the landlord.
Deal Commentary: Rounding out the top office deals from the first quarter, Equitable Bank expanded its footprint in the EQ Bank Tower by leasing an additional 22,246 square feet of office space in this project formerly known as The Shift. The 24-storey office tower is under construction in the King East neighbourhood. Set for completion later this year, the new office tower is institutionally owned by The Healthcare of Ontario Pension Plan, a defined benefit pension plan, and Toronto-based developer First Gulf. The lease brings the banks total occupancy to more than 175,000 square feet.
Source CoStar. Click here for the full story.
FOR LEASE – Retail/Office Space – Mississauga
🏢 4550 Hurontario Street Mississauga, ON 🏢 Space: 🛠️ Use: 📐 Total Area: 💰 Asking Pr ...
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