Bank of Montreal (BMO) has announced that it will be building a new 350,000 square foot campus in the location of Sears Canada's former Toronto head office, set to open in 2021.
The campus will be a progressive flagship for BMO, featuring advanced technologies and innovative workspaces for up to 3,500 employees. This is a significant reason why downtown Toronto was selected for the build, with an abundance of top talent located in the area for BMO to attract with the new build.
"This urban campus is central to the business transformation that's underway at BMO,” said Darryl White, Chief Executive Officer, BMO Financial Group. “We're unified in our focus on the customer and now we're accelerating, moving ahead ready to capitalize on every advantage: our wealth of customer insights, the right investment in technology and the discipline to keep things simple.”
The move will bolster BMO's position in Toronto, with the company also having extended the lease at its First Canadian Place headquarters for a further 15 years.
Cadillac Fairview has been selected to aid BMO in the designing of the campus, who will also invest $200mn as the owner of the CF Toronto Eaton Centre mall in order to redevelop the space.
"Cadillac Fairview is excited about the opportunity to collaborate with BMO to envision and design this exciting re-imagining of work space," said John Sullivan, President and CEO, Cadillac Fairview. "With CF Toronto Eaton Centre as its home, BMO's urban campus will stand out as a vibrant environment to stimulate bold ideas, foster new ways of working, and ultimately attract the best talent."
Once operational, the facility will host four dedicated floors of progressive workspace with open floor plans and advanced digital technologies, alongside a public transit network and hundreds of restaurants and entertainment options.