Scotiabank renews lease at downtown Toronto HQ but will vacate top floors

Scotiabank is renewing its lease at Scotia Plaza in downtown Toronto's financial core, but will be vacating the space at the top of complex's office tower for the first time since the building's construction.

The building's owners, KingSett Capital and Alberta Investment Management Corp., say Scotiabank has renewed its lease for 52,000 square metres of space at 40 King St. West and at 100 Yonge St., following a year of planning and discussions.

They say the renewal brings Scotiabank's long term commitment at the Scotia Plaza Complex to 102,000 square metres.

However, they say the bank will be leaving the space at the top of 40 King St. West and the space will be available for lease in 2023.

The move comes as the pandemic forces companies to rethink their office spaces with many employees working from home.

The Scotia Plaza in Toronto includes four buildings in the city's downtown core.