The Canadian banking segment of Royal Bank of Canada, the country’s biggest bank, is leaving Toronto’s Bay Street in favour of a new home with a waterfront view.
RBC is not moving very far, however, just a couple of blocks south to a new 30-storey skyscraper to be built on the north side of Queens Quay Boulevard between York and Bay Streets, the project’s partners Oxford Properties and Canada Pension Plan Investment Board (CPPIB) said in a release Friday.
The new 930,000 square foot office tower, RBC WaterPark Place, will serve as the bank’s new national headquarters for its Canadian banking business.
RBC has signed a pre-lease for 60% of the new building and plans to occupy about 550,000 sq. ft. of office space and move 4,000 employees to the new building.
Neither the cost of RBC’s lease nor construction costs were disclosed.
Also no word on what RBC’s plans are for its current home, Royal Bank Plaza, well-known for its more than 14,000 window panes tinted with real gold. The plaza is also owned and operated by Oxford.
“As the new headquarters for our Canadian Banking national team, the new development reflects our long-term commitment to innovation, collaboration, environmental sustainability and our people while at the same time reducing our operating costs,” Dave McKay, group head, Canadian Banking with RBC, said in a release.
The tower will also have more than 50,000 sq. ft. for retail services and amenities and a scenic view of Lake Ontario. It will be connected to Toronto’s PATH walkway system through an elevated, enclosed pedestrian bridge linked directly to the Air Canada Centre and Union Station.
Designed by WZMH Architects, construction of the tower is slated to begin in late 2011 and will be complete by the third quarter of 2014.