- What Oxford Properties and CT REIT are investing over $200m to retrofit Canada Square
- Why Canadian Tire will occupy over 80% of the office space
- What next The project is part of a planned redevelopment of the 9-acre site
Oxford Properties Group and CT Real Estate Investment Trust are investing over $200m to retrofit Canada Square, a pair of midtown Toronto office buildings co-owned by the firms.
The deal, announced today, is anchored by a 550,000 sq ft, 20-year office lease with Canadian Tire Corp.
At 2180 and 2200 Yonge Street, the buildings will be retrofitted to deliver 680,000 sq ft of modernized office space. Canadian Tire will occupy over 80% of the space as its head office.
“This substantial investment at Canada Square is part of Oxford’s deep conviction that well-located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform,” said Daniel Fournier, executive chair at Oxford Properties.
“A company of Canadian Tire’s stature signing a multi-decade office lease speaks to the trust our customers have in Oxford to create their ideal workplace. Not only is this an environmentally friendly approach to revitalizing one of the most transit-connected sites in the city, but it brings a substantial amount of employment to the neighbourhood and will benefit Torontonians for generations to come as we continue to advance our long-term plans for Canada Square.”
Completed in the 1960s and 1970s, the 18-storey tower at 2180 Yonge Street will undergo internal upgrades and a complete facade renewal. The 17-storey tower at 2200 Yonge Street will then undergo a full renovation. Construction will begin in late 2025.
The project will introduce significant energy efficiency upgrades in support of LEED certification, create new amenities for employees and deliver approximately 15,000 sq ft of retail space and a new TTC entrance on Yonge Street.
The office retrofit is part of a planned redevelopment of the 9-acre site into a mixed-use community. Oxford and CT REIT continue to advance plans for the west side of the site, which include new rental housing and public open space.
“This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we’ve called home for more than half a century,” said Greg Hicks, president and chief executive of Canadian Tire Corp.
Oxford is a Toronto-based commercial real estate investment, development and property management firm wholly owned by the Ontario Municipal Employees Retirement System. OMERS has $138.2bn in net assets.
CT Real Estate Investment Trust is an unincorporated, closed-end real estate investment trust headquartered in Toronto. Its portfolio includes over 375 properties. Canadian Tire Corp. is CT REIT’s most significant tenant. Kevin Salsberg is president and chief executive.
