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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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