OPTRUST AND PARTNERS ANNOUNCE LONG-TERM LEASE FOR GOOGLE’S NEW TORONTO HEADQUARTERS Google’s offices will occupy all 400,000 square feet at 65 King East, TorontoPosted: February 6, 2020
TORONTO, February 6, 2020 – A group of co-investors, including OPTrust, one of Canada’s largest defined benefit pension plans, has announced a major, long-term, downtown Toronto office leasing transaction at 65 King East, which will see Google occupy 400,000 square feet of office space across 18 floors in Toronto’s newest, next-generation office development.
At OPTrust, our focus is the security and stability of our members’ retirements and we invest and manage our portfolio in alignment with those long-term interests,” said Rob Douglas, Managing Director of Real Estate Investments at OPTrust. “As one of the world’s leading technology companies, Google is also focused on the future, and we are thrilled to have reached a long-term commitment on their new Toronto headquarters.”
65 King East is owned by Carttera in conjunction with institutional co-investors OPTrust, Manitoba Civil Service Superannuation Board and IMCO, who will collectively be the long-term holders of the asset. The development’s design is a collaboration between world-renowned architects IBI Group and WZMH Architects and is currently being built by PCL Construction. Google’s tenancy is a consolidation and relocation of offices in the Greater Toronto Area, with occupancy expected in 2021.
We are extremely pleased to announce that 100% of the office floors of 65 King East are now leased to Google, one of the most prominent, influential and well-recognized companies in the world. Our vision for 65 King East has always been to combine innovative office architecture and employee-centric workplace design with a dynamic, forward-thinking organization. Google truly recognized how 65 King East promotes sustainability, tenant wellness, collaboration, productivity and health,” said Dean Cutting, Partner, Carttera. “The fact that Google made a long-term commitment to our project is an endorsement that we are on the right track regarding the future of office design. We look forward to a long-term collaborative relationship with Google for many years to come.”
Together with the efforts of CBRE, this significant transaction brings innovation and growth to downtown Toronto’s tight office real estate market. With proximity to the TTC and Union Station, this office building also features over 18,000 square feet of private outdoor terraces, 196 bike stalls and 10,675 square feet of retail space, while incorporating smart building technologies and sustainability designed to achieve LEED Gold certification, with Wired Score Gold certification already accomplished.
Carttera designed 65 King East with next-generation tenants and an evolving downtown core in mind,” said Jeff Friedman, Executive Vice President Office Leasing, CBRE. “Google’s decision to make 65 King East its new Toronto headquarters underscores the degree to which Toronto’s downtown core continues to expand. This is a significant statement of confidence in Toronto’s tech market and talent pool.”
ABOUT 65 KING EAST
Located in the vibrant King East neighbourhood, 65 King East is steps from King and Yonge and the financial core, and is less than a 10-minute walk to Union Station with seamless connections to the TTC, Go Transit, Via Rail and the UP Express. 65 King East has dedicated approximately 18,152 square feet of exclusive terrace space over eight floors, offering expansive views of the city and lake and is designed with a raised floor HVAC system and exposed concrete ceilings. Further details at www.65kingeast.com.
With net assets of almost $20 billion, OPTrust invests and manages one of Canada's largest pension funds and administers the OPSEU Pension Plan, a defined benefit plan with almost 95,000 members and retirees. OPTrust was established to give plan members and the Government of Ontario an equal voice in the administration of the Plan and the investment of its assets through joint trusteeship. OPTrust is governed by a 10-member Board of Trustees, five of whom are appointed by OPSEU and five by the Government of Ontario.
Carttera is a Canadian real estate investment fund manager and developer. The firm invests its capital in innovative urban intensification development projects and is a leader in environmental sustainability in the Canadian development industry. Carttera’s strength lies in its track record of success in originating, structuring and executing complex development projects. Carttera has developed projects extending over $3.3 billion in total value since its inception in 2005, and has primary holdings concentrated in the GTA and Montreal. The firm’s projects include a wide variety of product types, including office, mixed-use, industrial and condominiums. www.carttera.com
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. In Canada, CBRE Limited employs 2,200 people in 22 locations from coast to coast. Please visit our website at www.cbre.ca.
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