Sun Life Financial plans to move its employees from two downtown Toronto offices to a new building near the city’s waterfront in 2017.
The building at 1 York Street is being developed by Menkes Developments and the Healthcare of Ontario Pension Plan (HOOPP). HOOPP will also be a tenant in the 35-storey tower.
“This building was carefully chosen and best fits the multi-faceted needs of our business,” says Dean Connor, Sun Life’s president and CEO.
Construction costs for the building, which is now under construction, have been estimated at $375 million. Sun Life will hold a 30% equity interest in the project in addition to being the anchor tenant. Upon opening, the new building will be called the Sun Life Financial Tower.
Sun Life will occupy approximately 10 floors of the building and, together with HOOPP, will comprise just under 60% of the leasable space.
In addition, Sun Life plans to retain its ownership interest in its current headquarters located at 150 King Street West.
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