Canada’s largest pension fund, CPP Investments, has completed the sale of its headquarters in downtown Toronto, after putting the property on the market over a year ago.

The property makes up the entire 1.18-acre block bounded by Queen Street East on the north, Victoria Street on the east, Richmond Street on the south, and Yonge Street on the west, and consists of the 26-storey office tower at 1 Queen St. E. and the seven-storey designated heritage office building at 20 Richmond St. E. that’s also known as the Confederation Life Building.

CPP Investments acquired a 100 per cent ownership interest in 1 Queen St. E. and 20 Richmond St. E. from the Ontario Pension Board in June 2013 for $220 million and the class-A complex has served as its global headquarters since that time.

STOREYS reported in March 2025 that the landmark property was listed for sale by Peter D. Senst, Jaysen Smalley, Kai Tai Li and Connor Yung from CBRE Toronto’s National Investment Team on an unpriced basis.

According to transaction data seen by RENX, CPP Investments sold 1 Queen St. E. and 20 Richmond St. E. on May 14 to Infrastructure Ontario — the arm’s length Crown agency — for $145 million.

An industry source told RENX that Infrastructure Ontario has had the property tied up for around a year. RENX reached out to both CPP Investments and Infrastructure Ontario for comment on June 3, but has not received a response.

One Queen St. E. + 20 Richmond St. E.

According to CBRE’s sales brochure, 1 Queen St. E. was built in 1991 and is home to 398,527 sq. ft. of leasable space, while 20 Richmond St. E. was originally constructed in 1893 and is home to 105,403 sq. ft. of leasable space.

Of the total 503,930 sq. ft. of space, which includes some ground-level retail space, 91.9 per cent is occupied, 78.6 per cent of which — 396,410 sq. ft. — is occupied by CPP Investments itself. According to CBRE, CPP Investments is expected to vacate the property after its lease expires in December.

The two buildings are connected via a five-storey glass atrium and the complex has seen numerous upgrades since being acquired by CPP Investments, including to its mechanical systems, elevator infrastructure and common areas.

The complex is LEED Platinum and BOMA BEST Silver certified. It also benefits from a direct underground PATH connection to TTC, Queen Station, CF Toronto Eaton Centre and more.

CPP Investments divesting from Canadian offices

Since late 2024, CPP Investments has sold many of its office assets across Canada, all of which were class-A assets like 1 Queen St. E. and 20 Richmond St. E., or class-AAA.

In Q4 2024, CPP and AIMCo — the Alberta pension fund — sold their stakes in 2 Queen St. E., located across the street from 1 Queen St. E., to Brookfield for $161 million.

In June 2025, CPP then sold 50 per cent ownership stakes in seven class-AAA and class-A assets to Oxford Properties — the real estate subsidiary of the Ontario Municipal Employees Retirement System — for $730 million. CPP and Oxford co-owned the seven assets, which included the Marine Building, MNP Tower, Guinness Tower, and The Stack in Vancouver, plus 400 Third, Centennial Place and Eau Claire Tower in Calgary.

In January, Oxford and CPP then sold the last office building in Vancouver that they co-owned, the class-A Oceanic Plaza, to BGO for $246 million.

According to a CPP list of real estate holdings dated to March 31, its last remaining office holdings in Canada are First Canadian Centre (25 per cent), Waterpark Place (50 per cent), 100 Adelaide St. W. (50 per cent), 85 Richmond St. (50 per cent) and the Richmond-Adelaide Centre (50 per cent).

CPP Investments is relocating its headquarters to the newly completed CIBC Square second tower at 141 Bay St.