Oxford Properties Group and Canada Pension Plan Investment Board are exploring the sale of Toronto’s Royal Bank Plaza in a deal that could be worth more than $1 billion, according to a person with knowledge of the plans.
The site at 200 Bay Street is one of the largest office complexes in Toronto’s financial district and includes two towers and a retail concourse with roughly 1.5 million square feet.
Built in the 1970s, the towers feature windows that are covered with 24-carat gold coating, making them two of the most distinctive office buildings in Canada’s largest city. Royal Bank of Canada leases 40% of the complex and says it intends to stay even as most of its employees continue to work remotely.
A spokesman for Oxford confirmed it has hired CBRE Group Inc. and RBC Capital Markets to work on the sale but declined to comment on pricing.
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