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Toronto’s Scotia Tower Sold for Over a Billion Dollars

The 68-storey Scotia Plaza, the country’s second tallest skyscraper, has been sold for $1.27 billion. On January we reported that the building was in fact on the market with the asking price of about $1 billion.

This is “the highest price yet paid for a Canadian office building.” says Steve Ladurantaye in his latest article on the Globe and Mail. The building covers about two million square feet and is almost 100% occupied (61 percent of the building is occupied by Scotiabank).

This follows the $400 million purchase of a 33-storey tower in Vancouver last week. Vancouver building was purchased by an American company while Scotia Tower was purchased by two Canadian firms.


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TheRedPin, Brokerage is a real estate brokerage that does things differently, serving the GTA and select cities in Ontario. The brokerage has been leading the way with new efficiencies in the real estate industry, offering a customer-service oriented real estate experience with advanced technology and non-commissioned agents (who are paid on salary and given bonuses based on customer satisfaction). Additionally, the brokerage offers TheRedPin Rebate: a 25% cash back incentive. TheRedPin also features an award-winning website featuring more listings than any other real estate site. To learn more about TheRedPin, Brokerage, visit www.TheRedPin.com/company-info.