Toronto’s Royal Bank Plaza is Up for Sale
Sep 3, 2021 By MarketDepth
Toronto’s Royal Bank Plaza is up for sale with sources claiming the deal could grow to more than C$1 billion.
Largest Offices in Toronto
Oxford Properties Group and Canada Pension Plan Investment Board are exploring the sale of Toronto’s Royal Bank Plaza, one of the largest office complexes in Toronto’s financial district. The site includes two towers and a retail concourse with roughly 1.5 million square feet, of which the Royal Bank of Canada leases 40%, even as most of its employees continue to work remotely. According to RBC spokesperson Andrew Block, its naming rights remain in place and RBC intends to stay in the building regardless of the sale, while continuing to invest in the property.
Unloading Office Assets
The potential sale is part of a strategy by Oxford, the real estate arm of Ontario Municipal Employees Retirement System, to unload some of its office assets and increase exposure to life sciences, logistics and apartment properties, according to the Toronto Sun. In fact, the proceeds from the sale would be used to fund the Oxford’s Greater Toronto Area development pipeline.
Famed for a series of windows with a 24-karat gold coating, the building was built in the 1970s and is one of the stand-out features in Toronto,