National Bank has acquired office space in a new mixed-use building adjacent to its corporate headquarters in downtown Montreal

The 10-storey office component is located in Broccolini’s Victoria Sur le Par at 700 Saint-Jacques Street beside National Bank Place. The National Bank acquisition encompasses the main floor entrance area, 10 floors of office spaces and a mezzanine.

The main floor will be occupied by various businesses.

The acquisition will enable National Bank to consolidate its real estate holdings, the bank said in a news release. As employees gradually move into National Bank Place, the extra spaces in the newly acquired adjacent building will allow workers to join their colleagues in a “truly collaborative workplace,” the bank added.

The acquisition comes as many office investors in Montreal and across Canada are reducing or assessing their office space usage due to changing work patterns following the COVID-19 pandemic. Cadillac Fairview has decided to construct rental apartments instead of office space in at 750 Peel Street in downtown Montreal.

National Bank said the new building will be certified LEED Gold, WELL and WiredScore Platinum.

(Editor’s note: This story has been updated to clarify its original version.)

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