Latest news with #OxfordProperties
Bloomberg
a day ago
- Business
- Bloomberg
Related Eyes Selling Part of Manhattan Tower With Equinox Hotel
Related Cos. and its partner Oxford Properties are exploring a sale of part of 35 Hudson Yards, a tower on Manhattan's far west side that houses the Equinox Hotel. The developers are seeking to sell or recapitalize the office, retail, fitness and hotel condominiums at the skyscraper, completed in 2019, according to marketing materials viewed by Bloomberg. The 143 residential units within the building would not be included in any sale.
Globe and Mail
a day ago
- Business
- Globe and Mail
Oxford Properties and CT REIT Announce Major Retrofit at Canada Square, Anchored by New 20-year Office Lease with Canadian Tire Corporation
TORONTO , June 9, 2025 /CNW/ - Oxford Properties Group ("Oxford"), the global real estate arm of OMERS, and CT Real Estate Investment Trust ("CT REIT") (TSX: today announced, in partnership with Canadian Tire Corporation ("CTC") (TSX: CTC) (TSX: CTC.A), a transformative investment to retrofit the existing office buildings at Canada Square, a key midtown Toronto hub. This Canadian-led partnership includes a 550,000 square foot, 20-year office lease with CTC, demonstrating the enduring appeal of centrally located, transit-connected workplaces and representing a major investment in Toronto's urban core. The redevelopment project represents a combined investment of over $200 million by Canada Square co-owners Oxford and CT REIT. The two office towers at 2180 and 2200 Yonge Street will be retrofitted to deliver 680,000 square feet of highly functional and modernized office space, over 80% of which will be anchored by CTC. Having operated its head office at Canada Square for over 50 years, CTC is also investing to build a next-generation headquarters for thousands of employees. "This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we've called home for more than half a century," said Greg Hicks , President and CEO, Canadian Tire Corporation . "We're excited to help transform this vibrant corner of the city. Our employees will be among the thousands who come here each day – for work, for play and for the ease of new transit connections in every direction." Originally constructed in the 1960s and 1970s, the 18-storey building at 2180 Yonge Street will undergo internal upgrades and a complete façade renewal, followed by a full renovation of the 17-storey tower at 2200 Yonge Street. Construction, which will begin in late 2025, will minimize embodied carbon from the project while introducing significant energy efficiency upgrades in support of LEED Certification. The retrofit work will also deliver new employee amenities and approximately 15,000 square feet of modern retail space on Yonge Street, significantly improve the streetscape and offer a refreshed retail experience for the neighbourhood. "This 'made in Canada ' solution which sees the coming together of these great Canadian institutions to revitalize a key hub for Torontonians is a proud moment for OMERS and Oxford ," said Blake Hutcheson , President and CEO of OMERS . "This investment represents our ongoing commitment to being a champion for Canada , here at home and around the world. We are proud to put our pensioners' dollars to work to improve our cities while, at the same time, delivering on our obligation to generate returns to pay pensions for our members." The project will further benefit the community by delivering an upgraded and more accessible TTC entrance on Yonge Street to help local residents and workers more efficiently access Eglinton station. "Canada Square is a crown-jewel property and a generational asset, and this first step in its redevelopment allows us to begin to unlock its full potential," said Kevin Salsberg , President and CEO, CT REIT . "This major reinvestment exemplifies our commitment to enhancing our assets and providing reliable, durable and growing results for our unitholders. We're building for today while setting the stage for the decades to come." "This substantial investment at Canada Square is part of Oxford's deep conviction that well-located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform," said Daniel Fournier , Executive Chair at Oxford Properties . "A company of Canadian Tire's stature signing a multi-decade office lease speaks to the trust our customers have in Oxford to create their ideal workplace. Not only is this an environmentally friendly approach to revitalizing one of the most transit-connected sites in the city, but it brings a substantial amount of employment to the neighbourhood and will benefit Torontonians for generations to come as we continue to advance our long-term plans for Canada Square." The office retrofit project is an important step towards the planned redevelopment of the 9.2-acre site into a vibrant, mixed-use addition to the community. Oxford and CT REIT continue to advance plans for the west side of the site that contemplate a significant amount of critically needed new rental housing and public open space in one of the city's most transit-connected nodes. FORWARD-LOOKING INFORMATION This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities laws, which reflect the current expectations of CTC and/or CT REIT management regarding future events and financial commitments concerning Canada Square. All statements, other than statements of historical fact, contained in this press release that address activities, events or developments that CTC and/or CT REIT or a third-party expects or anticipates will or may occur in the future, including with respect to the redevelopment of Canada Square and the assumptions underlying the same, are forward-looking statements. Readers are cautioned that such information may not be appropriate for other purposes. Although CTC and CT REIT management believe that the forward-looking statements in this press release are based on information, estimates and assumptions that are reasonable, such statements are necessarily subject to a number of risks, uncertainties and other factors that could cause actual actions and results to differ materially from those expressed or implied in such forward-looking statements. For more information on the material risks, uncertainties, factors and assumptions that could cause actual actions and results to differ materially from current expectations, refer to section 14.0 (Forward-Looking Information and Other Investor Communication) of CTC's 2025 First Quarter Management's Discussion and Analysis and all subsections therein, available on the SEDAR+ website at and and section 5 (Risk Factors) of CT REIT's Annual Information Form for fiscal 2024, and sections 12.0 (Enterprise Risk Management) and 14.0 (Forward-looking Information) of CT REIT's Management's Discussion and Analysis for Q1 2025 and fiscal 2024, as well as CT REIT's other public filings, all of which are available at and at CTC and CT REIT do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by either of them or on their behalf, to reflect new information, future events or otherwise, except as required by applicable securities laws. ABOUT OXFORD PROPERTIES GROUP Oxford Properties Group ("Oxford") is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$80 billion of assets across four continents on behalf of their investment partners. Oxford's owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world's most active developers with over 70 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees. Learn more here. ABOUT CT REAL ESTATE INVESTMENT TRUST CT Real Estate Investment Trust ("CT REIT") is an unincorporated, closed-end real estate investment trust formed to own income-producing commercial properties located primarily in Canada . Its portfolio is comprised of over 375 properties totaling more than 31 million square feet of GLA, consisting primarily of net lease single-tenant retail properties across Canada . Canadian Tire Corporation, Limited, is CT REIT's most significant tenant. For more information, visit ABOUT CANADIAN TIRE CORPORATION Canadian Tire Corporation, Limited (TSX: CTC.A, TSX: CTC, "CTC") has been a proudly Canadian business since 1922. Guided by its brand purpose, "We are here to make life in Canada better," CTC has built an expansive national retail presence, exceptional customer brand trust and one of Canada's strongest workforces – employing, along with its local Dealers and franchisees, tens of thousands of Canadians. At its core are retail businesses, each designed to serve life's pursuits: Canadian Tire, offering products spanning Living, Playing, Fixing, Automotive, and Seasonal & Gardening, bolstered by notable banners Party City and PartSource; Mark's, a leading source for casual and industrial wear; SportChek, Hockey Experts, Sports Experts and Atmosphere, offering the best brands of active wear and gear; and Pro Hockey Life, a hockey specialty store catering to elite players. CTC's banners, brand partners and credit card offerings are unified through its Triangle Rewards loyalty program – a linchpin of CTC's customer-driven strategy. With nearly 12 million members, Triangle integrates first-party data to deliver valuable rewards and personalized experiences across nearly 1,700 retail and gasoline outlets. CTC also operates a retail petroleum business and a Financial Services business and holds a majority interest in CT REIT, a TSX-listed Canadian real estate investment trust. For more information, visit SOURCE Canadian Tire Corporation, Limited
Calgary Herald
7 days ago
- Business
- Calgary Herald
Oxford Properties takes over seven office towers in Calgary and Vancouver business districts
Article content Oxford Properties, a Canadian investor in real estate and property management, has bought out seven downtown office towers in Calgary and Vancouver's business districts. Article content In a news release shared Tuesday, the Toronto-based company announced that it had bought out Canadian Pension Plan Investment Board's 50 per cent interest in the office properties for $730 million, leaving it with full ownership of the $1.5-billion portfolio. Article content Article content In Calgary, that includes the 25-storey Eau Claire Tower (611,000 sq. ft), Centennial Place (1.3 million sq. ft), 400 Third (820,000 sq. ft) and The Stack (558,000 sq. ft). In Vancouver, the company would own the Guinness Tower (262,000 sq. ft), Marine building (177,000 sq. ft) and the MNP Tower (277,000 sq. ft), amounting to a four million square foot portfolio. Article content Article content Five of the seven properties were built after 2010, with only 400 Third and Centennial Place built in 1988 and 2010, respectively. Article content The move is a reversal of the company's longtime previous practices to dispose of office assets. Article content 'Oxford has been a net seller of office for over a decade to achieve portfolio diversification. We believe now is an opportune time to rotate capital back into this asset class, and this portfolio ticks all the right boxes,' said Tyler Seaman, the company's executive vice-president. Article content 'As the asset and property manager of this portfolio, this transaction represents a compelling opportunity for us to further invest in markets that we not only understand intimately, but in buildings where our teams have built great relationships with our customers and where we consistently use this advantage to outperform the market.' Article content
CTV News
03-06-2025
- Business
- CTV News
Oxford Properties buys CPP Investments' stake in office portfolio in Western Canada
Signage is seen in the reception of CPP Investments' Toronto offices, on Thursday, Sept. 21, 2023. THE CANADIAN PRESS/Chris Young TORONTO — Oxford Properties Group has signed a deal to buy the Canada Pension Plan Investment Board's 50 per cent stake in a group of office properties in Western Canada that they co-own for $730 million. The deal gives Oxford full ownership of the portfolio that includes seven downtown office properties. Oxford is the global real estate arm of pension fund manager OMERS. The deal covers Eau Claire Tower, Centennial Place and 400 Third in Calgary, while in Vancouver it includes the Stack, Guinness Tower, the Marine Building and MNP Tower. Oxford and CPP Investments will still co-own a substantial portfolio across Canada. Tyler Seaman, Oxford Properties executive vice-president, Canada, says the fund believes now is an opportune time to rotate capital back into this asset class. This report by The Canadian Press was first published June 3, 2025.
Cision Canada
03-06-2025
- Business
- Cision Canada
Oxford Acquires Full Ownership of High-quality Western Canada Office Portfolio from CPP Investments
The four million square foot portfolio comprises seven office properties in the Calgary and Vancouver central business districts TORONTO, June 3, 2025 /CNW/ - Oxford Properties Group ("Oxford"), a leading global real estate investor, developer and manager, and Canada Pension Plan Investment Board ("CPP Investments"), a professional investment management organization, today announced that they have closed on a transaction where Oxford will acquire CPP Investments' 50% interest in a portfolio of high-quality office properties in Western Canada ("the portfolio") for C$730 million. With this acquisition, Oxford, the global real estate arm of OMERS, now owns 100% of the approximately C$1.5 billion portfolio. The four million square foot portfolio comprises seven class AAA/A and trophy downtown office properties, three of which are in Calgary and four in Vancouver. The portfolio has benefitted from a flight to quality and outperforms both the Calgary and Vancouver downtown office markets. The portfolio enjoys strong contractual income, with long-term weighted average lease terms from a diversified mix of occupiers across industries such as financial services, technology, legal, transportation and natural resources. The portfolio also benefits from its newer vintage, with five of the seven assets built after 2010. The portfolio consists of the following properties: Eau Claire Tower in Calgary, a 25-storey, LEED Gold certified office building, built in 2016 and totalling 611k square feet Centennial Place in Calgary, built in 2010 and totalling 1.3 million square feet 400 Third in Calgary, built in 1988 and totalling 820k square feet The Stack in Vancouver, Canada's first zero carbon office tower, built in 2023 and totalling 558k square feet Guinness Tower in Vancouver, renovated in 2014 and totalling 262k square feet Marine Building in Vancouver, also renovated in 2014 and totalling 177k square feet MNP Tower in Vancouver, built in 2014 and totalling 277k square feet "Oxford has been a net seller of office for over a decade to achieve portfolio diversification. We believe now is an opportune time to rotate capital back into this asset class, and this portfolio ticks all the right boxes," said Tyler Seaman, Executive Vice President, Canada, Oxford Properties. "As the asset and property manager of this portfolio, this transaction represents a compelling opportunity for us to further invest in markets that we not only understand intimately, but in buildings where our teams have built great relationships with our customers and where we consistently use this advantage to outperform the market." "This transaction reaffirms our deep conviction in the outperformance of high-quality, well-located office properties and, more broadly, our conviction to invest in Canada," said Daniel Fournier, Executive Chair, Oxford Properties. "We have deep admiration for our partners at CPP Investments, with whom we will continue to own a sizeable portfolio, and are proud to build on our successful, 20-year track record of doing business together, all in service of generating returns for Canadians and our respective pensioners." This transaction is the latest in a longstanding relationship between Oxford and CPP Investments, which will still co-own a substantial portfolio across Canada, post completion of this transaction. "This transaction involving high-quality office properties highlights our strong, ongoing partnership with Oxford, which has delivered compelling returns for the CPP Fund," said Sophie van Oosterom, Managing Director, Head of Real Estate at CPP Investments. "The transaction is a continuation of our Real Estate strategy to secure strong business plan execution and redeploy capital into new opportunities, supporting the continued growth and performance optimization of our global real estate portfolio." Oxford's investment in these buildings comes at a time when its Canadian office portfolio continues to benefit from the bifurcation of the office sector and the ensuing flight to quality, with properties in key hubs such as Calgary, Toronto and Vancouver significantly outperforming the market with over 95% committed occupancy. About Oxford Properties Group Oxford Properties Group ("Oxford") is a leading global real estate investor, developer and manager. Established in 1960, Oxford and its portfolio companies manage approximately C$80 billion of assets across four continents on behalf of their investment partners. Oxford's owned portfolio encompasses logistics, office, retail, multifamily residential, life sciences, credit and hotels in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world's most active developers with over 70 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees. Learn more here. About Canada Pension Plan Investment Board Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Canada Pension Plan Fund in the best interests of the more than 22 million contributors and beneficiaries. In order to build diversified portfolios of assets, we make investments around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm's length from governments. At March 31, 2025, the Fund totalled $714.4 billion. For more information, please visit or follow us on LinkedIn, Instagram or on X @CPPInvestments.
