Toronto Scotiabank Tower For Sale, May Get $1 Billion
TORONTO - Scotiabank is in the early stages of hunting for buyers interested in Scotia Plaza, its skyscraper headquarters in downtown Toronto that could be worth as much as $1 billion.
The bank said Thursday that a sale of the second-tallest tower in the country is being explored as part of Scotiabank's regular review of its operations.
"In the current low-interest rate environment, it's potentially a good time to sell and we have chosen to explore the sale of Scotia Plaza," bank spokeswoman Ann DeRabbie said in an email.
"We are at a very early stage in this process."
The move comes as Scotiabank looks to capitalize on a thriving market for commercial properties.
"We are the only large bank that currently owns our head office in downtown Toronto and given market conditions, this could be an opportune time to maximize the value from our holdings," DeRabbie said.
According to a report in The Globe and Mail citing real estate sources, the building could fetch up to $1 billion, which would make it the biggest commercial real estate deal in Canadian history.
The 68-storey, red granite tower near the corner of King and Bay streets has been the home of Scotiabank's Canadian operations since it opened in 1988.