CPPIB and Oxford Properties to Build RBC Headquarters
Oxford Properties, a real estate affiliate of OMERS Worldwide, and the Canadian Pension Plan Investment Board (CPPIB) announced today the plans of RBC WaterPark Place, a new office development for RBC headquarters.
The office tower will be a 30 story, 930,000 sq. ft, class AAA LEED Gold certified development located in downtown Toronto. The office tower is a 50/50 joint collaboration between Oxford, who will manage the construction of the property, and the CPP Investment board.
RBC WaterPark Place will be the Canadian headquarters for RBC’s Canadian banking business. The building will feature convenient access to Toronto’s PATH transit system as well as an enclosed pedestrian bridge to Air Canada Centre and Union Station
"Oxford is excited to develop this exceptional piece of real estate, and to bring this world class office project to Toronto's vibrant waterfront community," said Blake Hutcheson, President and CEO, Oxford Properties. "We are also very proud to build upon Oxford's 50-year relationship with RBC. The signing of the pre-lease for 60% of RBC WaterPark Place is a testament to both the quality of the project and the strength of the relationship."
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The CPPIB, who earlier this week announced another joint investment into the 99 Cent Only Retail Stores, explained that the investment into the property provided the CPP access toward adding a state-of-the-art office tower to its Canadian real estate portfolio. "We are delighted to be partnering in this project with Oxford Properties, a proven developer of top-quality office properties with whom we have a long-standing partnership,” said Peter Ballon, CPPIB”s VP and Head of Real Estate Investments.
"We are pleased to be partnering with Oxford and CPPIB on this exciting project," said Dave McKay, Group Head, Canadian Banking, RBC. "RBC WaterPark Place represents our strong commitment to the growth and development of the City of Toronto, the downtown core, as well as to our clients, employees and the communities we serve. As the new headquarters for our Canadian Banking national team, the new development reflects our long-term commitment to innovation, collaboration, environmental sustainability and our people while at the same time reducing our operating costs."