Brookfield Property Partners LP aims to begin construction of the Bay Adelaide Centre North in downtown Toronto and secured Scotiabank as anchor tenant of the planned 32-story office building.

The commercial real estate giant said Scotiabank committed to lease 420,000 square feet of space, or about 51% of the building, for a 15-year term.

The proposed 820,000-square-foot building will round out the 3 million-square-foot Bay Adelaide Centre campus, which is expected to be substantially finished in early 2022. Scotiabank's lease will commence later that year, according to an Aug. 14 release.

Brookfield Property said it expects development costs to come to approximately C$500 million.