An iconic landmark. A famous buyer. A billion-dollar price tag. These are just a few of the reasons the sale of Royal Bank Plaza last January remains at the top of 2022's commercial deals. realestate realestatenews commercialrealestate Toronto
, clad in 24-carat gold and reflective glass, and regarded by analysts as one the best pieces of real estate in Canada — was scooped up by Spanish billionaire and founder of international fashion brand Zara, Amancio Ortega, in mid-January for a tidy $1.2 billion.
Pontegadea also shares that there will be some improvements made to the building, including improving its energy efficiency and updating the interior spaces and common maintenance structures. “It’s a world-class global market that’s still got one of the lowest vacancy rates in North America, and the building is fully leased with long-term leases, and one of Canada’s top banks is in there long-term,” said Reading, referring to the long-standing tenancy of Royal Bank of Canada. The company has around 40% of the building leased for the next decade. “It’s a good buy because these assets don’t come along very often; the buyer has secured control of one of Canada’s landmark buildings.
Almost a full year after the sale, offices are welcoming employees back, downtown foot traffic has inched up, and the world has slid back into its pre-pandemic ways, but the office real estate sector is yet to regain its pre-pandemic gusto. Still, Ortega’s investment shows resounding promise.
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