Oxford Properties, CPPIB exploring sale of Royal Bank Plaza in Toronto

Oxford Properties and co-investor CPP Investments are exploring the sale of Royal Bank Plaza in Toronto.

The property management company said it has hired RBC Capital Markets and CBRE to pursue a potential sale of the plaza located at 200 Bay St. According to a report from Bloomberg, the owners are seeking more than US$1 billion.

Randy Hoffman, senior-vice president of Oxford’s Canadian business, said his company is exploring the sale because it wants to capitalize on demand for well-leased and located offices and continue to diversify its holdings.

Oxford has owned the plaza since 1999 and, in 2005, CPP Investments became a co-investor.

Oxford said the plaza includes more than 139,354 square metres of space across two towers and a retail concourse.

Royal Bank of Canada leases 40% of the space, the property manager said. The Bloomberg report said RBC intends to stay in the buildings even with most employees working remotely.

Staff, with files from The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.