04/17/2018 12:05 EDT | Updated 04/17/2018 12:07 EDT

Tim Hortons Headquarters Moving To Downtown Toronto

Bye bye, Oakville.

Daniel Becerril / Reuters
The entrance of a Tim Hortons coffee shop during a media event a day before its opening in San Pedro Garza Garcia, Mexico, Oct. 26, 2017. Tim Hortons is moving its headquarters from Oakville, Ont. to downtown Toronto.

TORONTO — Tim Hortons is moving its headquarters from Oakville, Ont. to downtown Toronto.

The fast food company says it will relocate to a 6,000 square metre space in the Exchange Tower in the city's financial district.

Tim Hortons president Alex Macedo says the move will bring it closer to business partners, enable it to better use technology to serve customers and help it keep abreast of industry trends.

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Macedo says all 400 employees at the Oakville headquarters will be transferred to the Toronto location at the end of the year.

The company will continue to house its "Tims University'' training centre in Oakville.

Macedo says the move is a "very exciting moment'' for the company, which has been located in Oakville for more than 50 years.

Earlier on HuffPost Canada:

"Consumer trends are changing very fast. We want to remain an innovative company,'' he says. "We want to be able to react to guest changing behaviours so we thought being positioned in Toronto would allow us to do that.''

According to Macedo, employees at the headquarters were pleased with the news.

He says half live in Toronto and half reside outside the city, but all of them are excited about how the move will help the brand evolve.

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