The Canada Pension Plan Investment Board (CPPIB) has acquired the building where it’s headquartered and the property next door for $220 million from the Ontario Pension Board.
Located in downtown Toronto, the One Queen Street East and 20 Richmond Street East property is a 500,000-square-foot Class A office complex and has served as the CPPIB’s head office since September 2001.
The CPPIB’s occupancy of the property has grown steadily in proportion to the organization’s growth in personnel due to its global investment scale and operations. It now stands at more than 40%, with the balance of the space being occupied by other long-term tenants.
The CPPIB says ownership of the property provides significant operating benefits, including greater flexibility and efficiencies for its current and long-term needs, while maintaining it as a choice address for other corporate tenants.
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