The Canadian Pension Plan Investment Board and Oxford Properties Group, the real estate arm of the Ontario Municipal Employees’ Retirement System, have purchased the downtown headquarters of PortsToronto for $96 million. Each pension fund will own a 50 per cent stake.
The property is located at 30 Bay St. and 60 Harbour St. and includes the Toronto Harbour Commission building as well as a surface parking lot. The building will be restored and maintained as part of any future development plan.
Read: CPPIB buys Toronto, Calgary office space from Oxford
“Oxford has been enthusiastic about this site since PortsToronto selected us as their redevelopment partner five years ago,” Michael Turner, executive vice-president of Canada at Oxford, said in a release. “This is an exceptional piece of real estate and we will continue to advance the development of the site to maximize its value and associated benefits to the community.”
The acquisition of 30 Bay Street fits within CPPIB’s office portfolio strategy and focus on key markets such as Toronto, noted Peter Ballon, managing director and head of real estate Investments at CPPIB. “The site’s proximity to a major transportation hub and a growing urban residential area make it an attractive future development site. We look forward to partnering with Oxford on this investment.”