TORONTO

Oxford Properties Group (“Oxford”), a leading global real estate investor, developer and manager, today announced a landmark lease renewal and expansion with EY Canada. The EY Tower (100 Adelaide Street West) expansion marks the downtown core’s largest lease deal of the year.

As the anchor tenant at the property, EY renewed its long-term lease while expanding its space by nearly 50,000 square feet, bringing its total footprint in the building to over 300,000 square feet. This milestone maintains EY Tower at 100% occupancy, significantly outperforming the downtown Toronto office market, which had a vacancy rate of 13.5% as of Q3 2024.

Bradley Jones, SVP & Head of Leasing and Operations, Canada, at Oxford Properties, said: “Since we opened our doors in 2017, EY has been a tremendous collaborator, contributing significantly to the vibrancy and community within the building. Today’s announcement celebrates our shared vision and ensures that this dynamic relationship will thrive for many years.

“EY’s decision to renew their agreement early and grow their space by 20% is a testament to the quality of our building and the exceptional service our dedicated teams deliver every day. It also highlights our belief that well-located, high-quality and sustainable buildings focused on wellness and employee experiences will continue to outperform.”

Located in the heart of Toronto’s Financial District the building provides unparalleled access to transit, dining and entertainment, along with world-class amenities including a state-of-the-art wellness centre with programming and classes, collaborative workspaces, efficient floorplates and abundant natural light. EY Tower is home to several other industry-leading firms, including the head offices of Oxford and OMERS, as well as the Toronto Stock Exchange.

Janelle Walsh, Director of Administration and Workplace Services at EY Canada, added: “We’re excited to expand our office presence to better support the evolving needs of our people and the future of work. This new space is designed to bring our teams together in ways that foster collaboration, spark creativity and prioritize individual well-being — while also underscoring our commitment to creating a workplace where our people feel motivated and empowered to do their best work every day.”

Originally a 16-storey Art Deco commercial tower dating back to the 1920s, Oxford completed the redevelopment of the EY Tower site in 2017, transforming it into a modern and sustainable 40-storey LEED Platinum tower that thoughtfully integrates the existing historic structure. This includes the preservation of invaluable works by famed Canadian Group of Seven artist J.E.H. MacDonald, which remain on full display throughout the building’s lobby.

Zach Pendley, Strategy and Transactions Real Estate Leader at EY Canada, explained: 'We’re seeing a number of organizations not just returning to the office, but reimagining and expanding their physical spaces to foster greater flexibility, collaboration and resilience in today’s evolving work environment. Optimizing your real estate portfolio and aligning investment with a strategic workplace vision is key to supporting innovation, enhancing employee experience and attracting top talent."

Oxford’s office portfolio continues to benefit from the bifurcation of the office market and ensuing flight-to-quality. In its three Canadian office markets, Oxford significantly outperforms the market contexts in Toronto (95% committed vs. 13.5% Q3 downtown vacancy rate), Vancouver (96% committed vs. 11.9% Q3 downtown vacancy rate) and Calgary (93% committed against vs. 28.2% Q3 downtown vacancy rate).