25 Ontario Street To Be Known As EQ Bank Tower After Major Leasing Deal
First Gulf and the Healthcare of Ontario Pension Plan (HOOPP) are delighted to confirm a major lease agreement for 180,000 square feet with EQ Bank at our new office development at 25 Ontario Street, Toronto. As part of the deal, the building – formerly marketed as The Shift – will be known as EQ Bank Tower.
EQ Bank, a wholly-owned subsidiary of Equitable Group Inc., will occupy floors 12 to 19 in the new 24-storey tower which is under construction and set for completion in Q2 2022.
“Just as important as leasing space in a building, is securing the right tenant,” said First Gulf Executive Vice President Brian Harrison. “That is why we are so delighted to add EQ Bank to the list of tenants at 25 Ontario Street alongside Think Research and Spaces. We are now over 80% leased with modern, technologically-savvy clients who are thriving and growing in the same way that the Downtown East district is. We could not be happier to have them aboard and we look forward to working with them – not only as construction progresses, but also via our property management division.”
The new EQ Bank Tower is a joint venture between First Gulf and HOOPP that will see 466,000 sf of LEED®-Gold office space added to this thriving business node in Toronto’s Downtown East. With close to one million sf of office and retail space developed by First Gulf across the Coca-Cola Canada headquarters at 333 King Street East and The Globe & Mail Centre at 351 King Street East, as well as a further 500,000 sf planned at 200 Front, the EQ Bank Tower is the next step in First Gulf’s continued commitment to the east side.
"The move allows us to leverage new building designs with larger floorplates to accommodate our growing workforce,’ said Andrew Moor, President and CEO of Equitable Bank. “We considered a number of options, including those in the heart of the downtown financial core, but we've never seen ourselves as a traditional bank, and we believe this building is the most cost-effective path to achieving our long-term goals, while continuing to pass on savings to customers with our branchless digital approach."
Jody Sperling, SVP of Human Resources at Equitable Bank, added: "Closer proximity to the downtown core, with convenient access to Union Station, means we can continue to recruit the best of the best with the skills needed to thrive at Canada's leading digital bank."
First Gulf would like to thank the Colliers listing team, as well as Richard McWhirter of Avison Young, for their efforts in finalizing this defining transaction and building upon the success of the downtown east side.