Big Real Estate: OPB Purchases 50% Interest in RBC Centre

RBC Centre at Dusk Facing North On Simcoe Street

RBC Centre at 155 Wellington Sreet West in Toronto, photo courtesy of Cadillac Fairview

Toronto Star architecture critic Christopher Hume has praised the “gently sculptural” RBC Centre on Wellington Street West  (and the connected Ritz-Carlton Hotel) as “thoughtful and polished neo-modernist projects.”

And as of March 1, the office tower is 50 per cent owned by the Ontario Pension Board, having  acquired its interest from the Ontario Teachers’ Pension Plan subsidiary Ontrea. The purchase price was $300 million.

Ontrea still owns the other 50 per cent interest in the building, with property management provided by Cadillac Fairview.

In January, the 48-storey building achieved a LEED Gold certification, becoming the largest certified LEED for New Construction project in Canada, according to Cadillac Fairview.

Ontario Pension Board was represented by Blake, Cassels & Graydon LLP, with a team led by Chris Huband, with assistance from Thomas von Hahn, Silvana D’Alimonte, Dan Kofman, Debbie Salzberger (Competition), Gerry Swinkin, John Hutmacher, Larry Winton, Lauren Temple, Bavia Bisetty, Beth Earon, Shafaq Ahmad and many others.

Ontrea Inc. was represented by Torys LLP with a team lead by David Dell, with assistance from Elise Sieradzki, Omar Wakil (Competition) and Nicole Hastings.

Jonathan See of McCarthy Tétrault LLP acted for Computershare Trust Company of Canada, the indenture trustee.

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