Canada Pension Plan Investment Board Acquires One Queen Street East Office Property
TORONTO, ONTARIO (June 28, 2013) – Canada Pension Plan Investment Board (CPPIB) announced today that it has acquired a 100% interest in One Queen Street East and the adjoining 20 Richmond Street East property from Ontario Pension Board (OPB) for cash and other consideration valued at a total of $220 million.
Located in downtown Toronto, the One Queen Street East and 20 Richmond Street East property is a 500,000-square-foot Class A office complex and has served as CPPIB’s head office since September, 2001. CPPIB’s occupancy of the property has grown steadily in proportion to the organization’s growth in personnel due to its global investment scale and operations, and now stands at over 40%, with the balance of the space being occupied by other premier long-term tenants. Ownership of the property provides significant operating benefits, including greater flexibility and efficiencies for CPPIB’s current and long-term needs, while maintaining it as a choice address for other corporate tenants.
About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits on behalf of 18 million Canadian contributors and beneficiaries. In order to build a diversified portfolio of CPP assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in London and Hong Kong, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31, 2013, the CPP Fund totalled $183.3 billion.
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