Canadian Tire Corporation will anchor a major office retrofit at Canada Square in midtown Toronto with a 550,000-square-foot lease spanning two decades, the company announced Monday.
The deal represents the largest component of a $200-million redevelopment project led by Oxford Properties and CT Real Estate Investment Trust to modernize 680,000 square feet of office space across two towers at 2180 and 2200 Yonge Street.
Canadian Tire has operated its headquarters at the Canada Square complex for more than 50 years. The new lease will cover over 80 per cent of the retrofitted space as the retailer builds what it calls a next-generation headquarters for thousands of employees.
Major investment in Toronto’s urban core
The project marks a significant commitment to downtown office space at a time when many companies are reducing their real estate footprints. Construction will begin in late 2025, with the 18-storey building at 2180 Yonge Street receiving internal upgrades and a complete exterior renewal first, followed by full renovation of the 17-storey tower at 2200 Yonge Street.
“This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we’ve called home for more than half a century,” said Greg Hicks, president and CEO of Canadian Tire Corporation. “We’re excited to help transform this vibrant corner of the city. Our employees will be among the thousands who come here each day – for work, for play and for the ease of new transit connections in every direction.”
The retrofit will target LEED certification and include energy efficiency upgrades designed to minimize the project’s carbon footprint. Originally built in the 1960s and 1970s, the buildings will receive new employee amenities and approximately 15,000 square feet of modern retail space facing Yonge Street.
Transit connectivity drives decision
The location’s transit access played a key role in the long-term commitment. The project includes an upgraded and more accessible TTC entrance on Yonge Street to improve access to Eglinton station for workers and residents.
“This substantial investment at Canada Square is part of Oxford’s deep conviction that well-located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform,” said Daniel Fournier, executive chair at Oxford Properties. “A company of Canadian Tire’s stature signing a multi-decade office lease speaks to the trust our customers have in Oxford to create their ideal workplace.”
Broader redevelopment plans
The office retrofit represents the first phase of plans for the 9.2-acre site. Oxford Properties and CT REIT continue to advance proposals for the west side of the property that would include new rental housing and public open space.
“Canada Square is a crown-jewel property and a generational asset, and this first step in its redevelopment allows us to begin to unlock its full potential,” said Kevin Salsberg, president and CEO of CT REIT. “This major reinvestment exemplifies our commitment to enhancing our assets and providing reliable, durable and growing results for our unitholders.”
The partnership brings together Oxford Properties, the real estate arm of OMERS pension plan, with CT REIT, which manages over 375 properties totaling more than 31 million square feet across Canada.
“This ‘made in Canada’ solution which sees the coming together of these great Canadian institutions to revitalize a key hub for Torontonians is a proud moment for OMERS and Oxford,” said Blake Hutcheson, president and CEO of OMERS. “This investment represents our ongoing commitment to being a champion for Canada, here at home and around the world.”
