KingSett Announces Renewal of Scotiabank Lease at Scotia Plaza
TORONTO, Feb. 8, 2021 /CNW/ - KingSett Capital ("KingSett"), on behalf of its Canadian Real Estate Income Fund (CREIF) and Alberta Investment Management Corporation ("AIMCo"), on behalf of certain of its clients, announced today that Scotiabank has renewed 560,000 square feet of space at 40 King Street and at 100 Yonge Street, following a year of planning and discussions. The renewal brings Scotiabank's long term commitment at the Scotia Plaza Complex to 1.1 million square feet and furthers the strong partnership with Scotia Plaza's owners. The ownership has invested $85 million into capital improvements for the complex over the last five years.
Commensurate with the lease renewal, Scotiabank will be vacating space at the top of 40 King St. W. For the first time since the building's construction, one of the best office spaces in Canada will be available for lease in 2023.
Scotia Plaza in Toronto is owned by KingSett and AIMCo. 40 King St W. has been recognized with a Zero Carbon Building – Performance v2 Certification from the Canada Green Building Council (CaGBC), making it the largest certified Zero Carbon Building in Canada at more than 1.5 million square feet.
"We are very pleased that Scotiabank will continue to be a prominent tenant in the complex that bears its name. This renewal is a testament to how valued partners can work together to achieve a collective objective. Sustainable premium office real estate continues to be integral to promoting collaboration and productivity among employees in the workplace."
--Bill Logar, Executive Vice President Asset Management, KingSett Capital
"We are proud to renew our tenancy in Scotia Plaza, the largest zero carbon-certified building in Canada. We continue to believe in the importance of having a prominent, physical location in Toronto's downtown core."
--Stephen Morson, SVP Real Estate, Scotiabank.
"This extension is a testament to the outstanding efforts of our operating and tenant partners. Scotia Plaza's Zero Carbon certification fully aligns to AIMCo's sustainability commitments and the property continues to be a great investment for our clients."
-- Tony Vadacchino, Director, Real Estate, AIMCo
About Scotia Plaza
Toronto's Scotia Plaza is made up of four buildings: 40 King St. W., 44 King St. W., 100 Yonge St. and 11 Adelaide St. W.
Scotia Plaza's 40 King St. W. is one of four buildings (at more than 1.5 million square feet) that has earned the Zero Carbon Building – Performance v2 Certification from the Canada Green Building Council (CaGBC), and has a Transition Plan in place to remove all carbon-intensive mechanical system over the next 18 months. The building is going beyond the Zero Carbon Building – Performance v2 certification's latest zero carbon balance requirements by also offsetting its emissions from waste-to-landfill generated onsite using Gold Standard certified carbon offsets.
The building has also achieved the largest Fitwel certification in Canada for a Multi-Tenant Base Building. Developed by the CDC, this world-leading certification system promotes occupant health and wellbeing across seven health impact categories by incorporating evidence-based design and policy strategies to support physical, mental and social health within the space. Other environmental certifications include LEED Platinum and WiredScore Certified: Gold. Please see the building backgrounder for more information regarding environmental sustainability technologies and processes.
To read about the full Canada Green Building Council Zero Carbon Building (ZCB) Standard, please go to CaGBC.org/zerocarbon.
About Alberta Investment Management Corporation
AIMCo is one of Canada's largest and most diversified institutional investment managers with more than $118 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pensions, endowments and government funds in the Province of Alberta.
For more information on AIMCo please visit www.aimco.ca. or contact Dénes Németh, Vice-President, Corporate Communications & Public Affairs, 1-780-392-3857, [email protected].
About KingSett Capital
KingSett Capital is Canada's leading private equity real estate investment firm. Founded in 2002, KingSett has raised $12 billion of equity for its Growth, Income, Urban, Mortgage and Affordable Housing strategies. KingSett owns interests in an $18.4 billion portfolio of assets. KingSett continues to seek further opportunities to invest in a wide range of real estate properties, developments, joint ventures and mortgage lending.
SOURCE KingSett Capital
is available at www.kingsettcapital.com. Follow KingSett on LinkedIn at https://www.linkedin.com/company/kingsett-capital.
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