Oxford Properties and CT REIT Announce Major Retrofit at Canada Square

Oxford Properties Group (“Oxford”), the global real estate arm of OMERS, and CT Real Estate Investment Trust (“CT REIT”) announced, in partnership with Canadian Tire Corporation (“CTC”), a transformative investment to retrofit the existing office buildings at Canada Square, a key midtown Toronto hub.

This Canadian-led partnership includes a 550,000 square foot, 20-year office lease with CTC, demonstrating the enduring appeal of centrally located, transit-connected workplaces and representing a major investment in Toronto’s urban core.

The redevelopment project represents a combined investment of over $200 million by Canada Square co-owners Oxford and CT REIT. The two office towers at 2180 and 2200 Yonge Street will be retrofitted to deliver 680,000 square feet of highly functional and modernized office space, over 80% of which will be anchored by CTC. Having operated its head office at Canada Square for over 50 years, CTC is also investing to build a next-generation headquarters for thousands of employees.  

“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 CEO, Canadian Tire Corporation. “We’re excited to help transform this vibrant corner of the city. Our employees will be among the thousands who come here each day – for work, for play and for the ease of new transit connections in every direction.” 

Originally constructed in the 1960s and 1970s, the 18-storey building at 2180 Yonge Street will undergo internal upgrades and a complete façade renewal, followed by a full renovation of the 17-storey tower at 2200 Yonge Street. Construction, which will begin in late 2025, will minimize embodied carbon from the project while introducing significant energy efficiency upgrades in support of LEED Certification. The retrofit work will also deliver new employee amenities and approximately 15,000 square feet of modern retail space on Yonge Street, significantly improve the streetscape and offer a refreshed retail experience for the neighbourhood.

“This ‘made in Canada’ solution which sees the coming together of these great Canadian institutions to revitalize a key hub for Torontonians is a proud moment for OMERS and Oxford,” said Blake Hutcheson, President and CEO of OMERS. “This investment represents our ongoing commitment to being a champion for Canada, here at home and around the world. We are proud to put our pensioners’ dollars to work to improve our cities while, at the same time, delivering on our obligation to generate returns to pay pensions for our members.”

The project will further benefit the community by delivering an upgraded and more accessible TTC entrance on Yonge Street to help local residents and workers more efficiently access Eglinton station.

“Canada Square is a crown-jewel property and a generational asset, and this first step in its redevelopment allows us to begin to unlock its full potential,” said Kevin Salsberg, President and CEO, CT REIT. “This major reinvestment exemplifies our commitment to enhancing our assets and providing reliable, durable and growing results for our unitholders. We’re building for today while setting the stage for the decades to come.”

“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.”

The office retrofit project is an important step towards the planned redevelopment of the 9.2-acre site into a vibrant, mixed-use addition to the community. Oxford and CT REIT continue to advance plans for the west side of the site that contemplate a significant amount of critically needed new rental housing and public open space in one of the city’s most transit-connected nodes.

About Canadian Tire Corporation

Canadian Tire Corporation, Limited, (TSX: CTC.A) (TSX: CTC) (or CTC), is a group of companies that includes a Retail segment, a Financial Services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal & Gardening divisions. Party City, PartSource and Gas+ are key parts of the Canadian Tire network. The Retail segment also includes Mark’s, a leading source for casual and industrial wear; Pro Hockey Life, a hockey specialty store catering to elite players; and SportChek, Hockey Experts, Sports Experts and Atmosphere, which offer the best active wear brands. The Company’s close to 1,700 retail and gasoline outlets are supported and strengthened by CTC’s Financial Services division and the tens of thousands of people employed across Canada and around the world by CTC and its local dealers, franchisees and petroleum retailers. In addition, CTC owns and operates Helly Hansen, a leading technical outdoor brand based in Oslo, Norway. For more information, visit Corp.CanadianTire.ca.

Contact:

Stephanie Nadalin – Media – stephanie.nadalin@cantire.com – (647) 271-7343

Source: Canadian Tire Corporation Limited