Who owns First Canadian Place? This iconic skyscraper, located in the heart of Toronto’s financial district, has been a subject of much speculation and curiosity over the years. Built in 1976, the 73-storey tower stands as a testament to Canada’s economic prowess and architectural ingenuity. As we delve into the ownership history of this prominent building, we aim to uncover the key players who have shaped its destiny.
First Canadian Place was initially developed by a consortium of Canadian and American investors, including the Ontario Teachers’ Pension Plan and the American Express Company. The project was a collaborative effort to showcase Toronto’s growing importance as a global financial hub. Over the years, the ownership of the building has changed hands several times, reflecting the dynamic nature of the real estate market.
In 1985, the Ontario Teachers’ Pension Plan sold its stake in First Canadian Place to a group of investors led by the British Columbia Investment Management Corporation (BCIMC). This marked the beginning of a new era for the building, as BCIMC embarked on a series of renovations and upgrades to enhance its value.
In 2000, the ownership of First Canadian Place was transferred to a consortium of investors, including the Ontario Municipal Employees Retirement System (OMERS) and the Alberta Investment Management Corporation (AIMCo). This partnership aimed to capitalize on the building’s strategic location and potential for further growth.
Today, the building is owned by a joint venture between Oxford Properties Group and Cadillac Fairview Corporation Limited. Oxford Properties Group, a leading real estate investment firm, has a diverse portfolio of commercial properties across North America. Cadillac Fairview Corporation Limited, on the other hand, is a subsidiary of the Cadillac Fairview Company, which is owned by the Ontario Teachers’ Pension Plan.
The ownership of First Canadian Place has always been a reflection of the changing economic landscape and the evolving interests of key investors. From its inception, the building has been a symbol of Canada’s ambition and resilience. As the building continues to play a vital role in Toronto’s financial district, its ownership remains a subject of interest for those who wish to understand the forces shaping the Canadian real estate market.
