Oxford Properties Group and CT REIT (CRT-UN-T) are embarking on a “transformative investment” to renovate and retrofit Canadian Tire Corp.’s (CTC) head office in the Canada Square office complex in midtown Toronto.

The partnership includes a 550,000-square-foot, 20-year office lease with CTC. 

The redevelopment represents a combined investment of over $200 million by Canada Square co-owners Oxford and CT REIT.

The two office towers at 2180 and 2200 Yonge St. will be retrofitted to deliver 680,000 square feet of “highly functional and modernized office space”. Over 80 per cent of the GLA will be anchored by CTC, the companies state in Monday’s announcement. 

Canadian Tire has operated its head office at Canada Square for over 50 years.

“This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we’ve called home for more than half a century,” Greg Hicks, president and CEO, Canadian Tire Corporation, said in the announcement. “We’re excited to help transform this vibrant corner of the city. 

“Our employees will be among the thousands who come here each day – for work, for play and for the ease of new transit connections in every direction.” 

Two stages to the Canada Square renovations

Originally constructed in the 1960s and 1970s, the 18-storey building at 2180 Yonge St. will undergo internal upgrades and a complete façade renewal, followed by a full renovation of the adjacent 17-storey tower at 2200 Yonge St. 

Construction, which will begin in late 2025, will incorporate new sustainability standards, including plans to minimize embodied carbon from the project. Energy efficiency upgrades will be undertaken in support of planned LEED certifications. 

New employee amenities will be created, along with approximately 15,000 square feet of retail space on Yonge Street. 

“This ‘made in Canada’ solution which sees the coming together of these great Canadian institutions to revitalize a key hub for Torontonians is a proud moment for OMERS and Oxford,” Blake Hutcheson, president and CEO of OMERS (the parent firm of Oxford), said in the announcement. “This investment represents our ongoing commitment to being a champion for Canada, here at home and around the world. 

“We are proud to put our pensioners’ dollars to work to improve our cities while, at the same time, delivering on our obligation to generate returns to pay pensions for our members.”

The neighbourhood will benefit from an upgraded and more accessible TTC entrance on Yonge Street to access the Eglinton subway station. 

“Canada Square is a crown-jewel property and a generational asset, and this first step in its redevelopment allows us to begin to unlock its full potential,” Kevin Salsberg, president and CEO of CT REIT, said in the announcement. “This major reinvestment exemplifies our commitment to enhancing our assets and providing reliable, durable and growing results for our unitholders.”

“This substantial investment at Canada Square is part of Oxford’s deep conviction that well located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform,” Daniel Fournier, executive chair at Oxford Properties, added in the announcement. “A company of Canadian Tire's stature signing a multi-decade office lease speaks to the trust our customers have in Oxford to create their ideal workplace.

"Not only is this an environmentally friendly approach to revitalizing one of the most transit-connected sites in the city, but it brings a substantial amount of employment to the neighbourhood and will benefit Torontonians for generations to come as we continue to advance our long-term plans for Canada Square.”

The office retrofit project is an important step toward the planned redevelopment of the 9.2-acre site into a mixed-use addition to the community.

Oxford and CT REIT continue to advance plans for the west side of the site to incorporate new rental housing and public open space in one of the city’s most transit-connected nodes. 

ABOUT Oxford, CT REIT and CTC

Oxford Properties Group is a Toronto-based global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately $80 billion of assets across four continents on behalf of their investment partners. 

Oxford's owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels.

Oxford is one of the world's most active developers with over 70 projects underway across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees. 

CT REIT is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada. Its portfolio is comprised of over 375 properties totalling more than 31 million square feet of GLA, consisting primarily of net-lease, single-tenant retail properties across Canada.

CTC is the largest single tenant of Toronto-based CT REIT.

CTC is a Canadian retail business which has been operating since 1922. It operates nearly 1,700 retail and gasoline outlets under a variety of banners including its flagship Canadian Tire, SportChek, Mark’s Work Warehouse and others.

CTC also operates a retail petroleum business and a financial services business and holds a majority interest in CT REIT.