Canadian Tire to occupy over 80% of redeveloped towers in $200m+ Yonge Street investment
Canadian Tire Corporation (CTC) will occupy more than 80 percent of two redeveloped office towers at Canada Square under a 20-year lease, as part of a retrofit led by Oxford Properties Group (Oxford) and CT Real Estate Investment Trust (CT REIT) valued at over $200m.
The project involves the retrofit of 680,000 square feet at 2180 and 2200 Yonge Street.
CTC, which has operated its head office at the site for over 50 years, plans to establish a new headquarters for thousands of employees.
“This is a proud milestone for Canadian Tire,” said Greg Hicks, president and CEO of Canadian Tire Corporation.
He said the project represents a reinvestment in a neighbourhood the company has been part of for more than 50 years.
Hicks added that employees will join thousands of others visiting the area daily—for work, recreation, and access to new transit connections.
Construction is scheduled to begin in late 2025.
The 18-storey tower at 2180 Yonge will undergo interior upgrades and a full façade replacement, followed by work on the 17-storey tower at 2200 Yonge.
The project will include energy efficiency updates aimed at LEED Certification, additional employee facilities, and about 15,000 square feet of new retail along Yonge Street.
An upgraded and more accessible TTC entrance is planned to support better access to Eglinton station.
“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.
He said the investment reflects their ongoing commitment to Canada and to generating returns that fund pensions for members, while supporting urban development.
“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,” said Daniel Fournier, executive chair at Oxford Properties.
He added that the project takes an environmentally focused approach to redeveloping a highly transit-connected site, bringing employment to the area and supporting Oxford’s long-term plans for Canada Square.
Kevin Salsberg, president and CEO of CT REIT, called Canada Square “a crown-jewel property and a generational asset,” and said the work marks “the first step in its redevelopment.”
Oxford and CT REIT also continue planning for the west side of the 9.2-acre site, which includes rental housing and public open space in an area described as one of the city’s most transit-connected nodes.
