Two high-profile high-rise office towers in downtown Toronto have officially hit the market, according to a new listing that came online last week.
The first tower is 8 King Street East, a 21-storey office tower located at the northeast corner of Yonge Street and King Street East. The building was originally constructed in 1915, and is home to 155,888 sq. ft of net leasable area, 92% of which is leased with a weighted average lease term of 3.5 years.
The second tower is 18 King Street East, an 18-storey office tower located at the northwest corner of the intersection of King Street East and Victoria Street. The building was originally constructed in 1968 and is home to 238,746 sq. ft of net leasable area, 100% of which is leased with a weighted average lease term of 5.3 years.
The two Class B office buildings sit on the same block in the financial district and are separated by the narrow office building at 10 King Street East. The location provides convenient access to King Station, Union Station, as well as the PATH network.
8 and 18 King Street East in Toronto. (RBC Capital Markets Realty)
Combined, 8 and 18 King Street East total to 394,634 sq. ft of net leasable space — including some ground-level retail space — that is 96.8% leased to 88 tenants with an overall weighted average lease term of 4.6 years.
The properties are owned by private equity real estate investment firm KingSett Capital — through KingSett Real Estate Growth LP No. 6 — and KingSett has achieved those numbers by completing over 35 lease transactions — new leases and lease renewals — within the past 12 months, according to the listing.
The Listing
8 and 18 King Street East were both listed on an unpriced basis last week by David Tweedie, Tim Pacaud, and Keith Chan of RBC Capital Markets Realty, which called it “a rare opportunity to acquire two well-located assets of scale within a market defined by tightening supply and accelerating demand for quality office space.”
The two buildings are being made available either separately or together. Notably, however, 8 King Street East is being offered on a freehold basis, while 18 King Street East is being offered on a leasehold basis, according to the listing brochure.
- Address: 8 King Street East / 18 King Street East
- Year Built: 1915 / 1968
- Site Area: 0.22 acre / 0.49 acre
- Gross Leasable Area: 155,888 sq. ft / 238,746 sq. ft
- Current Occupancy Rate: 92% / 100% (Blended 96.8%)
- Price: Unpriced
- Listed By: RBC Capital Markets Realty (David Tweedie, Tim Pacaud, Keith Chan)
“Designed by Ross and Macdonald and constructed in 1915 as the global headquarters of the Royal Bank of Canada, 8 King is among Toronto’s most architecturally significant office properties,” said RBC in its brochure. “The Vendor completed a comprehensive exterior rehabilitation at 8 King in 2021, earning the Peter Stokes Restoration Award for best practice in heritage conservation.”
Interior photos of 8 and 18 King Street East. (RBC Capital Markets Realty)
“Across the Properties, the Vendor has invested over $20MM in capital improvements since 2014, including lobby modernization, elevator recommissioning, underground garage rehabilitation at 18 King, and ongoing mechanical and roofing programs — evidencing active and disciplined asset stewardship.”
According to RBC, downtown Toronto’s office market continues to show improvement. The downtown vacancy rate is now down to 13.6% as of Q2 2026, which represents the lowest level since Q4 2022. Specific to the financial district, the vacancy rate is even lower — 11.9%.
Year-to-date net absorption of office space in the Greater Toronto Area totalled to 2.7 million sq. ft in the first half of 2026, which RBC says is the strongest first-half performance in years. Accordingly, “A sharply depleted new supply pipeline in H2 2026 reinforces the structural advantage of well-located assets such as the Properties and sets the stage for continued vacancy compression in Toronto's Financial Core.”
