Oxford Properties has plans to develop The HUB, a new 1.4 million-square-foot commercial tower in Toronto’s South Core neighborhood at 30 Bay St.
Named for its proximity to the Harbour, Union Station and Bay St., The HUB will be a dominant fixture on Toronto’s skyline.
The property was purchased in May 2017 for $96 million by Oxford and the Canada Pension Plan Investment Board (CPPIB), with each owning a 50 percent stake.
“This acquisition of 30 Bay Street fits well with our Canadian office portfolio strategy, which focuses on key markets such as Toronto,” said Peter Ballon, managing director, head of real estate investments for CPPIB. “The site’s proximity to a major transportation hub and a growing urban residential area make it an attractive future development site.”
Other projects Oxford Properties and CPPIB have teamed up on include the acquisition of the portion of New York City’s historic St. John’s Terminal site that is south of West Houston Street for $700 million.
