Oxford Properties Group and CT REIT, in partnership with Canadian Tire Corporation, have announced a transformative redevelopment at the landmark Canada Square site in midtown Toronto. The multi-phase project includes a substantial retrofit of two office towers at the corner of Yonge Street and Eglinton Avenue, backed by a significant long-term office lease commitment from Canadian Tire.
The redevelopment of Canada Square represents a combined investment exceeding $200 million by co-owners Oxford Properties Group (“Oxford”), the global real estate investment arm of OMERS, and CT Real Estate Investment Trust (“CT REIT”). This Canadian-led initiative underscores the partners’ long-term confidence in Toronto’s urban office market and the enduring appeal of transit-connected, centrally located workplaces.
At the heart of the plan is a 20-year office lease signed by Canadian Tire Corporation, which will see the company remain in the neighbourhood it has called home for more than half a century. Canadian Tire has operated its corporate head office at Canada Square for over 50 years and will now invest to build a next-generation headquarters for thousands of its employees at the revitalized complex.
“This is a proud milestone for Canadian Tire and a major reinvestment in a neighbourhood we’ve called home for more than half a century,” said Greg Hicks, President and CEO of Canadian Tire Corporation, in a statement released with the announcement.
Office Towers to be Modernized and Expanded
The project involves extensive retrofitting of the two office buildings located at 2180 and 2200 Yonge Street. Together, these towers will offer approximately 680,000 square feet of highly functional and modernized office space, with Canadian Tire occupying over 80% of the total area.
The 18-storey tower at 2180 Yonge Street, originally constructed in the 1960s, will undergo internal upgrades and a complete façade renewal. Once that phase is completed, attention will turn to the adjacent 17-storey tower at 2200 Yonge Street, which dates from the 1970s and will be fully renovated.
Construction is scheduled to begin in late 2025, with a strong emphasis on sustainability. The retrofit approach was specifically chosen to minimize embodied carbon while significantly enhancing energy efficiency. The design and construction will target LEED Certification, reflecting a broader industry shift towards environmentally responsible development.
Daniel Fournier, Executive Chair at Oxford Properties, emphasized the long-term significance of the investment: “This substantial investment at Canada Square is part of Oxford’s deep conviction that well-located, high-quality, and sustainable workplaces that focus on the employee experience will continue to outperform.”
Enhancing the Public Realm with Retail and Transit Upgrades
In addition to the extensive office upgrades, the redevelopment will include approximately 15,000 square feet of modern retail space at street level along Yonge Street, creating a refreshed retail experience for the community. The revitalized public realm will deliver significant streetscape improvements, offering both employees and residents an enhanced pedestrian experience in the heart of midtown.
Importantly, the project also includes upgrades to the existing Toronto Transit Commission (TTC) infrastructure. A new, more accessible TTC entrance on Yonge Street will provide improved access to the Eglinton subway station, benefiting thousands of daily commuters and further integrating the complex into Toronto’s growing transit network.
A Strategic Partnership of Leading Canadian Institutions
The Canada Square redevelopment reflects a uniquely Canadian partnership among three major domestic institutions: Oxford Properties (a division of pension fund OMERS), CT REIT (a subsidiary of Canadian Tire Corporation), and Canadian Tire itself.
Blake Hutcheson, President and CEO of OMERS, described the project as a “made in Canada solution,” adding, “This investment represents our ongoing commitment to being a champion for Canada, here at home and around the world. We are proud to put our pensioners’ dollars to work to improve our cities while, at the same time, delivering on our obligation to generate returns to pay pensions for our members.”
Kevin Salsberg, President and CEO of CT REIT, also highlighted the project’s significance: “Canada Square is a crown-jewel property and a generational asset, and this first step in its redevelopment allows us to begin to unlock its full potential. We’re building for today while setting the stage for the decades to come.”
Canadian Tire’s Long-Term Commitment to Midtown Toronto
The announcement comes at a transformative moment for Canadian Tire Corporation, which has been undertaking several high-profile strategic moves to solidify its position as one of Canada’s leading retailers. Headquartered in Toronto, Canadian Tire operates a diversified business that spans multiple retail sectors, including automotive, hardware, sports, leisure, and home products. Its network includes more than 1,700 stores and gas bars across Canada, excluding Nunavut.
Canadian Tire’s portfolio includes major retail banners such as Canadian Tire, Mark’s, Sport Chek, Atmosphere, Sports Experts, PartSource, and Party City’s Canadian operations. The company operates with a hybrid model of corporate-owned, dealer-operated, and franchise stores, combined with a growing online presence and financial services arm through Canadian Tire Bank.
The decision to remain at Canada Square signals Canadian Tire’s continued focus on strengthening its headquarters presence in Toronto, following a period of corporate recalibration. In 2025, Canadian Tire launched its “True North” growth strategy aimed at accelerating customer focus, agility, and scale. The strategy includes several new partnerships with major Canadian brands, such as WestJet and the Royal Bank of Canada, to enhance customer loyalty programs and value propositions.
Canadian Tire has also made several key strategic moves in 2025. These include the acquisition of the intellectual property and branding rights to the former Hudson’s Bay Company, including stewardship of the HBC coat of arms and iconic stripes, reinforcing its Canadian retail heritage. At the same time, the company divested Norwegian apparel brand Helly Hansen to Kontoor Brands, allowing it to sharpen its focus on its core domestic business.
Long-Term Vision for Canada Square Site
The office retrofit represents just the first phase in a broader redevelopment vision for the 9.2-acre Canada Square site. Oxford Properties and CT REIT continue to advance longer-term plans for the west side of the property. Those plans include a significant addition of new rental housing, much-needed public open space, and further mixed-use development.
As Toronto faces growing demand for housing and continued population growth, the eventual full redevelopment of Canada Square is expected to contribute both residential density and community amenities to one of the city’s most transit-rich neighbourhoods. The site sits directly atop the Eglinton Crosstown LRT line, which is nearing completion, further enhancing its long-term appeal.
The Canada Square redevelopment underscores a growing trend among institutional owners in Canada to reinvest in urban core assets, emphasizing modern workspaces, transit accessibility, environmental sustainability, and vibrant mixed-use communities.
The north building at 2200 Yonge St was done in the International Style in 1962, the south building by the same architect was done in 1978.
So glad they are keeping both buildings now after originally proposing to knock down one of them! Fantastic examples of mid-century modern style. It’ll be nice to give that tired mini-mall an update too.