Fairview, OPB Partner on TD Centre
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The six-building TD Centre complex spans 4.3million square feet.
TORONTO—Cadillac Fairview has entered into a binding agreement to sell a 30% non-managing interest in the iconic six-building Toronto Dominion Centre office and retail complex here to the Ontario Pension Board. In addition, OPB is buying a 30% interest in Cadillac Fairview’s development site for an 850,000-square-foot office tower at 16 York St., also in Toronto.
Terms of the two sales were not disclosed. Cadillac Fairview, wholly owned by the Ontario Teachers’ Pension Plan, paid $352.1 million, or $82 per square foot, to acquire the 4.3-million square-foot complex from TD Bankin 2000, according to Real Capital Analytics. More recent office trades, such as the December 2012 sale of the TDCANADA
Trust Tower, have ranged as far upward as $751 per square foot, suggesting that OPB’s 30% stake could be worth far more than Cadillac Fairview originally paid for the entire property…
Fairview, OPB Partner on TD Centre
