10-02-2014, 07:54 PM
Quote:Sun Life to sell historic Waterloo HQ to B.C. firm
Sun Life Financial is selling its historic Waterloo headquarters at 227 King St S. to Concert Real Estate Corporation, based in British Columbia.
Sun Life will sign a 20-year lease and continue renting the space from Concert Real Estate Corporation and the company will have the option to extend the lease.
Sun Life would not disclose how much the building is being purchased for, as the deal has not officially closed as of Thursday.
Susan Jantzi, director of corporate affairs and sustainability for Sun Life Financial, said the building's 2,600 employees will not be affected by the sale.
"In the current Canadian real estate market, it's more financially attractive for Sun Life to lease the building and redeploy the capital elsewhere," she said.
"[Concert Real Estate Corporation] is a significant investor in Canadian real estate and they're a Canadian company owned by Canadian pension funds and we do already have a relationship with them through some other investments, so they were a great fit," Jantzi said.
"We actually retain the full control over the facilities and are responsible for maintaining and improving the building."
The original section of the building is more than 100 years old and was designed by Canadian architect Frank Darling. It was later enlarged in 1921. The Ontario Heritage Trust commemorated the Sun Life Financial building with a provincial plaque in 2012 for its historical significance.
"Kitchener-Waterloo is a fantastic home to our Canadian headquarters and we have no plans to change that," said Jantzi.
"It's a vibrant market. Growth projections are fantastic. It's an attractive centre for our employees, and it's a great part of our heritage."