TORONTO, Feb. 25, 2014 /CNW/ - Sun Life Financial Inc. (Sun Life
Financial) today announced that it will consolidate employees currently
located in two downtown Toronto offices into a new corporate
headquarters at One York Street in the dynamic south core financial
district. Sun Life Financial is scheduled to relocate to the new
building in 2017.
The building is being developed by Menkes Developments Ltd. (Menkes) and
Healthcare of Ontario Pension Plan (HOOPP). HOOPP will also be a tenant
of this leading edge office development.
"This building was carefully chosen and best fits the multi-faceted
needs of our business. It will also give us the opportunity to design a
space that fosters the collaborative, high performing culture we value
at Sun Life," said Dean Connor, President and Chief Executive Officer,
Sun Life Financial.
The 35-storey building was designed by Sweeny Sterling Finlayson & Co.
Architects and is under construction just south of Union Station in the
fast growing south core financial district, steps from the city's
waterfront. Sun Life Financial will occupy approximately ten floors of
the building and, together with HOOPP, will comprise just under 60% of
the leasable space. One York Street will begin occupancy in the summer
of 2016 for initial tenants.
"We are looking forward to joining Toronto's leading edge south core
community. This is a prime location within a vibrant part of the city.
The new eco-friendly property supports our company's sustainable growth
initiatives," said Connor.
One York Street will offer Sun Life Financial customers, advisors and
employees a bright and open business environment. The 800,000 square
foot office tower, designed to achieve Leadership in Energy and
Environmental Design (LEED) Platinum certification, will provide an
exclusive terrace, green space, 200,000 square feet of retail,
underground parking and connection to Toronto's PATH network.
"The south core location has attracted many AAA tenants with its dynamic
location, new infrastructure, and connectivity with Union Station,"
said Peter Menkes, President of the Commercial/Industrial Division at
Menkes. "It has become a very desirable location for many Canadian head
offices and the building design will create a landmark to the entry of
the downtown core."
"We are excited to be part of this project, helping shape the
marketplace while continuing with our commitment to environmental
stewardship," said Michael Catford, Vice President, Real Estate, HOOPP.
"It's no surprise that this LEED Platinum-pursued tower represents a
new and attractive option for companies looking beyond the traditional
Construction costs for One York Street have been estimated at $375
million and Sun Life Financial will be a partner in the project in
addition to being the anchor tenant. Upon opening, the new building
will be called the Sun Life Financial Tower with highly-visible
branding opportunities due to its prime location along the Gardiner
Expressway and prominent position within the Toronto skyline. In
addition, Sun Life Financial plans to retain its ownership interest at
the 150 King Street West building.
About Sun Life Financial Inc.
Sun Life Financial Inc. is a leading international financial services
organization providing a diverse range of protection and wealth
accumulation products and services to individuals and corporate
customers. Sun Life Financial Inc. and its partners have operations in
key markets worldwide, including Canada, the United States, the United
Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India,
China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of
December 31, 2013 the Sun Life Financial Inc. group of companies had
total assets under management of $640 billion. For more information
please visit www.sunlife.com.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and
Philippine (PSE) stock exchanges under the ticker symbol SLF.
Note to editors: All figures in Canadian dollars.
Menkes Developments Ltd. is a fully integrated real estate company
involved in the construction, ownership and management of office,
industrial and residential properties. Menkes was founded in 1954 by
Murray Menkes, who initially carried on business as a developer of
single family homes. Over the years, the company expanded significantly
and branched out into other areas of real estate, and is now one of the
largest private Canadian developers of residential, industrial and
office properties. Menkes has developed a portfolio of high quality,
strategically located industrial and office buildings in the GTA,
including the Beaver Creek Business Park in Richmond Hill, the Procter
& Gamble building and 5000 Yonge in North York, and 25 York Street
(TELUS House) in downtown Toronto. For more information about Menkes,
please visit menkes.com.
About the Healthcare of Ontario Pension Plan
Created in 1960, the Healthcare of Ontario Pension Plan (HOOPP) is the
pension plan of choice for Ontario's hospital and community-based
healthcare sector with over 370 participating healthcare organizations.
HOOPP's 270,000 members include nurses, medical technicians, food
services staff and laundry workers, and many other people who work hard
to provide valued Ontario healthcare services. HOOPP members and
employers contribute to the defined benefit pension and HOOPP pays out
more than $1.3 billion in pensions annually. The purpose of HOOPP's
investment program is to pay pensions -- about 80 cents of every
pension dollar paid out is generated by investment returns.
As a defined benefit plan, HOOPP provides eligible members with a
retirement income based on a formula that takes into account a member's
earnings history and length of service in the Plan. Once eligible
members start receiving a pension, they receive it for life. HOOPP is
governed by a Board of Trustees with representation from the Ontario
Hospital Association (OHA) and four unions: the Ontario Nurses'
Association (ONA), the Canadian Union of Public Employees (CUPE), the
Ontario Public Service Employees' Union (OPSEU), and the Service
Employees International Union (SEIU). The unique governance model
provides representation from both management and workers in support of
the long-term interests of the Plan.
HOOPP was named one of Canada's 10 Most Admired Corporate Cultures.
Image with caption: "Future home of the Sun Life Financial corporate headquarters, One York Street, Toronto, ON (CNW Group/Sun Life Financial Inc.)". Image available at: http://photos.newswire.ca/images/download/20140225_C6837_PHOTO_EN_37077.jpg
SOURCE: Sun Life Financial Inc.
For further information:
Sun Life Financial Contact:
Senior Media & PR Specialist
President, Brandon Communications
Director, Public Affairs