NEWS

Scotiabank renews 560,000-sq.-ft. Scotia Plaza lease

KingSett Capital and AIMCo have announced Scotiabank will remain the anchor tenant at the Scotia Plaza office complex in downtown Toronto, renewing a 560,000-square-foot lease at the 40 King St. and 100 Yonge St. towers.

The renewal follows a year of planning and discussions, the co-owners say in a release, but the agreement means Scotiabank is vacating space at the top of the 40 King St. West tower. This means, “For the first time since the building’s construction, one of the best office spaces in Canada will be available for lease in 2023,” the owners say.

“We are very pleased that Scotiabank will continue to be a prominent tenant in the complex that bears its name. This renewal is a testament to how valued partners can work together to achieve a collective objective,” said Bill Logar, KingSett Capital’s executive vice-president of asset management, in the announcement Monday morning.

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TORONTO OFFICE TOWER TAKES THE ROAD TO ZERO CARBON

Since it was built in the late 1980s, one downtown Toronto bank tower has stood out for its distinctive slim profile, red granite cladding and energy-conserving reflective windows.

Beyond its physical appearance, the 68-storey tower at 40 King St. W. now stands apart as Canada’s largest zero carbon certified building. In awarding the designation last year, Canada Green Building Council president Thomas Mueller said it “validates that zero carbon buildings – whether new builds or retrofits – are both technically and financially feasible for owners willing to innovate and invest in a low carbon future for Canada.”

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