TORONTO -- Sun Life Financial will be moving its headquarters a few blocks from its current location to Toronto's new southern financial district.

The move is expected to happen in 2017, after construction of a new 35-storey tower is completed at an estimated cost of $375 million.

Sun Life's head office has been at the corner of University Avenue and and King Street in downtown Toronto for about 30 years.

It was previously based in Montreal, where Sun Life was founded and grew into an international insurance company.

The new Toronto location will be closer the waterfront, at One York Street, with Sun Life occupying about 10 floors.

The company will also retain its ownership interest in the 150 King St. W. building.