OPTrust now has an ownership stake in the office tower that houses its own corporate headquarters. The 30-storey, LEED Gold, Dynamic Funds Tower is the largest of the trio of Toronto buildings that the pension fund for Ontario’s public service has acquired in partnership with GWL Realty Advisors and I.G. Investment Management.
A nine-storey boutique office building and a three-storey retail building, all in Toronto’s Financial District, are also part of the deal with vendors, Oxford Properties and Canada Pension Plan Investment Board.
“This acquisition adds another high-quality asset to our clients’ real estate investment portfolio and fits within our downtown strategy,” says Ralf Dost, president of GWL Realty Advisors, which will also take on property management of the buildings located at 1 Adelaide Street East, 85 Yonge Street and 20 Victoria Street.
“With strong demand and historic low vacancy rates for Toronto office space, and the shared interest of trusted strategic partners, this property presented a unique and valuable opportunity to invest in a high-profile property in the heart of Toronto’s downtown core,” says Rob Douglas, managing director of real estate investments with OPTrust.