Cadillac Fairview announces $800M office tower in downtown Toronto

The CN Tower can be seen in the Toronto skyline in Toronto, Ontario on Tuesday, April 25, 2017. THE CANADIAN PRESS/Cole Burston

TORONTO -- Cadillac Fairview and the Investment Management Corporation of Ontario will build a 46-storey office tower in Toronto that will become the new home of the Ontario Teachers' Pension Plan.

The commercial real estate company hopes to secure additional tenants before the $800-million building opens in the fall of 2022.

The building will be situated on the northeast corner of Front Street and Simcoe Street in downtown Toronto.

It will include 1.2 million square feet of office space, 12,290 square feet of retail and 339 parking stalls.

It is part of flurry of recent investments from Cadillac Fairview, including $1.5 billion in office projects and $25 million for the redevelopment of a former Sears location at CF Champlain mall in Moncton.

Since 2000, Cadillac Fairview has been wholly owned by the pension plan, which currently has a head office in North York.