Sun Life Financial will be moving its staff away from Toronto’s Financial District on Bay Street and into a new corporate headquarters in the up-and-coming South Core neighbourhood.

At the moment, Sun Life’s employees are split between two downtown Toronto offices. The move to One York Street, to what will be known as the Sun Life Financial Tower, will consolidate its employees. The move will likely occur in 2017.

“This building was carefully chosen and best fits the multi-faceted needs of our business,” says Dean Connor, president and CEO of Sun Life Financial. “It will also give us the opportunity to design a space that fosters the collaborative, high performing culture we value at Sun Life.”

Menkes Developments Ltd. and Healthcare of Ontario Pension Plan (HOOPP) are developing the building, which will also feature HOOPP as a tenant. Sun Life will be a partner in the project, which is estimated to reach $375 million in construction costs.

Sweeny Sterling Finlayson & Co. Architects are designing the 35-storey building, which will be located just south of Union Station and steps from the city’s waterfront. The 800,000-square-foot tower is being designed to LEED Platinum standards. It will include 200,000 square feet of retail and connection to the underground PATH network.

Sun Life Financial will occupy approximately 10 floors of the building. Together with HOOPP, the two tenants will occupy nearly 60 per cent of the leasable space. Tenants are expected to move in starting in the summer of 2016.

“The South Core location has attracted many AAA tenants with its dynamic location, new infrastructure, and connectivity with Union Station,” says Peter Menkes, president of the commercial/industrial division at Menkes. “It has become a very desirable location for many Canadian head offices and the building design will create a landmark to the entry of the downtown core.”