- What CPP Investments has put its global headquarters up for sale for $250/sq ft
- Why The investment manager will vacate the building in 2026
- What next CBRE has the assignment
CPP Investments has put its downtown Toronto headquarters on the block for $125.9m, Green Street News can reveal.
The valuation for the 504,000 sq ft office complex is $250/sq ft. CBRE has the assignment.
CPP Investments purchased the property from Ontario Pension Board in 2012 for $220m. It has served as the company’s head office since 2001.
The complex includes a 26-storey Class-A office tower at 1 Queen Street East and a low-rise heritage building at 20 Richmond Street East. The assets are connected by a five-storey glass atrium, a four-storey parking garage, and ground and concourse-level retail. Retail tenants include Starbucks, Rexall and CIBC.
The property is anchored by CPP Investments. The investment manager will vacate its space in December 2026, and relocate its global headquarters to CIBC Square II at 141 Bay Street.
Occupying a full city block at the corner of Yonge Street and Queen Street, the complex is connected to the PATH and is adjacent to the Queen subway station and the CF Toronto Eaton Centre.
According to marketing materials, there is potential for residential redevelopment or hospitality conversion under Toronto zoning rules.
Last year, Green Street News reported that a transaction involving the adjacent property at 2 Queen Street East valued the office building at roughly $215m, or $450/sq ft. CPP Investments owned a 50% stake in that asset prior to the sale.
CPP Investments manages the investments of Canada Pension Plan. John Graham is president and chief executive of the investment manager.
