Toronto Scotiabank tower could be sold
Posted January 19, 2012 10:44 am.
This article is more than 5 years old.
Just over a month after Toronto’s iconic flatiron building was sold, another downtown landmark — Scotiabank’s skyscraper headquarters on Bay Street — could go on the market.
The Bank of Nova Scotia is sniffing around for buyers willing to fork over as much as $1 billion for its 68-storey tower — the second largest skyscraper in the country — as it reviews its operations and looks for ways to save money.
The bank believes this may be the time to sell the massive property due to the record-low interest rates in order to “maximize the value from our holdings,” The Canadian Press reported quoting a company spokeswoman. She said the company was at the very early stages of the process.
Scotiabank is the only large Canadian bank that owns its own headquarters in Toronto. The bank’s Canadian head office opened in 1988.
A report in the Globe and Mail states the building at the corner of King and Bay streets could go for up to $1 billion. If it did sell for that much, the deal would reportedly be the biggest real estate deal in Canadian history.
With files from The Canadian Press
