BMO Financial Group is collaborating with Cadillac Fairview Corp. on a 350,000-square-foot, dual four-story atrium development at CF Toronto Eaton Centre in downtown Toronto, according to a company release.
Bloomberg reported that Cadillac Fairview Corp., the property's owner, plans to invest roughly C$200 million in the project, and BMO Financial will invest an undisclosed additional amount, in order to redevelop the space.
The bank will relocate 3,500 employees to fill the new offices, located in Sears Canada's former Toronto head office, the news outlet added.
BMO Financial Group CEO Darryl White said in the release that the company is committed to maintaining the bank's Toronto headquarters at First Canadian Place, having extended the lease for another 15 years.
