After a years-long attempt to sell the property, the owners of the office tower at 2 Queen Street East in downtown Toronto have found a buyer — from within.
Previously, 2 Queen Street East — also known as the Maritime Life Building — was jointly owned by the Canada Pension Plan Investment Board (CPP Investments), the Alberta Investment Management Corporation (AIMCo), and Brookfield Properties, with CPP Investments holding a 50% stake and AIMCo and Brookfield each holding a 25% stake, according to the Globe & Mail.
The property was listed for sale in 2022 by RBC Capital Markets Real Estate Group and JLL Canada, but was then reportedly pulled from the market after the owners were not able to secure the price they were seeking. The property was then re-listed in mid-2024.
Since then, Brookfield Properties has bought out CPP Investments and AIMCo's stakes in the property for $161.3 million, according to JLL Canada, with the transaction occurring in Q4.
The 20-storey tower houses 455,000 sq. ft of office space and 17,000 sq. ft of retail space, so the purchase price translates to approximately $342 per sq. ft. (In October, AIMCo and Oxford Properties sold the four-tower Bow Valley Square office complex in Calgary for approximately $100 per sq. ft.)
Toronto Metropolitan University (TMU) now also owns a small stake in the property after Jack Cockwell — former President & CEO of Brookfield Asset Management and long-time member of TMU's Board of Governors — donated $10 million to secure office space for TMU. According to a December 2024 press release, TMU will occupy 4.5 floors in the building.
2 Queen Street East
The heritage building at 2 Queen Street East in Toronto. / Brookfield Properties
The site was originally home to a small Bank of Montreal building that was constructed in 1910. In 2003, the heritage façade was restored and a 19-storey addition was constructed over the heritage building. The office addition was designed by WZMH Architects and constructed by EllisDon.
In addition to the 455,000 sq. ft of office space and 17,000 sq. ft of retail space, 2 Queen Street East also includes underground parking with 171 vehicle stalls and 40 bicycle stalls, an end-of-trip facility, on-site management, and 24-hour building access and security.
The building is located at the corner of Queen Street East and Yonge Street, across the street from Eaton Centre and with Queen Station directly below the building. (CPP Investments' office is on the other side of Yonge Street, at 1 Queen Street East.)
"2 Queen East's prime location offers seamless access to the City's dynamic energy and countless amenities," said Brookfield Properties on its website. "The innovative design of 2 Queen blends the charm of a historic 1910 bank branch with the modern amenities of a premier office property, providing access to the subway and the PATH's underground pedestrian network. 2 Queen East has been certified LEED Gold."
According to Brookfield Properties' website, just under 14,000 sq. ft of office space is currently available, with additional rent set at $27.74/sq. ft.
