KingSett announces lease renewal with Scotiabank in Toronto

KingSett announces lease renewal with Scotiabank in Toronto
Scotiabank renews 560,000 square feet of space at 40 King Street and at 100 Yonge Street (CNW Group/KingSett Capital)

KingSett Capital and Alberta Investment Management Corporation (AIMCo) announced a lease renewal with Scotiabank for 560,000 square feet of space at 40 King Street and at 100 Yonge Street in Toronto’s Scotia Plaza.

Commensurate with the lease renewal, Scotiabank will be vacating space at the top of 40 King St.W, said KingSett in a statement.

Scotia Plaza is composed of four buildings, 40 King St. W., 44 King St. W., 100 Yonge St. and 11 Adelaide St. W., in Toronto and is owned by KingSett and AIMCo.

KingSett said the renewal brings Scotiabank’s long term commitment at the Scotia Plaza Complex to 1.1 million square feet. The ownership has invested $85 million into capital improvements for the complex over the last five years. 

Read Also : Colliers : One in 10 offices in Canada were vacant in Q4 2020

“We are very pleased that Scotiabank will continue to be a prominent tenant in the complex that bears its name. This renewal is a testament to how valued partners can work together to achieve a collective objective. Sustainable premium office real estate continues to be integral to promoting collaboration and productivity among employees in the workplace,” said Bill Logar, Executive Vice President Asset Management, KingSett Capital.

“We are proud to renew our tenancy in Scotia Plaza, the largest zero carbon-certified building in Canada. We continue to believe in the importance of having a prominent, physical location in Toronto’s downtown core,” said Stephen Morson, SVP Real Estate, Scotiabank.

“This extension is a testament to the outstanding efforts of our operating and tenant partners. Scotia Plaza’s Zero Carbon certification fully aligns to AIMCo’s sustainability commitments and the property continues to be a great investment for our clients,” sais Tony Vadacchino, Director, Real Estate, AIMCo.