BGO has acquired a 23-storey class-A office tower in Toronto’s Financial Core for an undisclosed price.

The seller and purchase price was not disclosed, but Cadillac Fairview was known to be the previous owner, and Bloomberg reported the price as being $198 million, or $600 per square foot.

Located at 95 Wellington Street, the property was acquired on behalf of the BGO’s flagship Core strategy fund. The tower comprises approximately 330,000 square feet of office space and marks BGO’s re-entry into the downtown Toronto office market, where demand is increasingly focused on high-quality, well-located assets.

BGO Properties will oversee property management, operations, and leasing, with a focus on leasing available space and enhancing long-term performance.

Located in the city’s business district, 95 Wellington offers direct connectivity to the PATH network and immediate access to Union Station, with proximity to major financial services and retail amenities.

Toronto’s downtown office market is showing signs of post-pandemic recovery, supported by return-to-office mandates, limited new supply, and improving economic conditions. The Financial Core remains one of the tightest submarkets, supporting demand for premium office space, BGO noted.

“The acquisition of 95 Wellington aligns with our strategy of investing in high-quality assets in top-tier markets at attractive points in the cycle,” said Simon Holmes, a BGO managing partner and the firm’s Canadian chief investment officer. “The building’s irreplaceable location, connectivity to transit and the PATH network, and significant recent capital investment reinforce its appeal as an investment poised to deliver long-term value.”

Originally built in 1988, the tower has undergone significant upgrades, including a lobby renovation, exterior recladding, curtain-wall replacement, HVAC modernization, and technology enhancements. The building has achieved WELL Core Platinum and Zero Carbon Building certifications.

The property is anchored by tenants in financial services, insurance, investment management, and consulting, with floor plates averaging about 17,000 square feet, suited to boutique and mid-sized tenants.

BGO declined to disclose the occupancy level.

Pictured: Newly acquired BGO office building at 95 Wellington Street in Toronto.

Photo: Courtesy of BGO