Oxford Properties Group has finalized a major lease renewal and expansion with EY Canada in downtown Toronto.

EY, the anchor tenant of the EY Tower, located at 100 Adelaide Street West, has expanded its space by nearly 50,000 square feet, bringing its total occupancy in the building to about 300,000 sf.

The deal marks the largest office lease in Toronto’s downtown core this year, said Oxford, a leading global real estate investor, developer and manager also headquartered in the tower.

The lease renewal ensures that the EY Tower remains at 100% occupancy, a remarkable achievement in a market where downtown office vacancy averaged 13.5% in the third quarter of 2024, said Oxford.

“Since we opened our doors in 2017, EY has been a tremendous collaborator, contributing significantly to the vibrancy and community within the building,” said Bradley Jones, Oxford’s senior vice-president and head of Canadian leasing and operations.

The lease renewal ensures that Oxford and EY’s “dynamic” relationship will thrive for many years, he added.

“EY’s decision to renew their agreement early and grow their space by 20% is a testament to the quality of our building and the exceptional service our dedicated teams deliver every day,” he said. “It also highlights our belief that well-located, high-quality, and sustainable buildings focused on wellness and employee experiences will continue to outperform.”

Located in the Financial District, the EY Tower offers prime access to transit, dining, and entertainment, alongside amenities such as a wellness centre, collaborative workspaces, and abundant natural light. The building’s other notable tenants include OMERS and the Toronto Stock Exchange.

Janelle Walsh, EY’s director of administration and workplace Services at EY Canada, said the expanded office space will better support the evolving needs of employees and the future of work.

“This new space is designed to bring our teams together in ways that foster collaboration, spark creativity, and prioritize individual well-being — while also underscoring our commitment to creating a workplace where our people feel motivated and empowered to do their best work every day,” she said.

Originally constructed as a 16-storey art deco building in the 1920s, the site was redeveloped by Oxford in 2017 into a 40-storey LEED Platinum-certified tower. The building’s lobby features preserved works by Group of Seven artist J.E.H. MacDonald.

Zach Pendley, EY Canada’s strategy and transactions real estate leader said space expansion reflects a broader trend.

“We’re seeing a number of organizations not just returning to the office, but reimagining and expanding their physical spaces to foster greater flexibility, collaboration, and resilience in today’s evolving work environment,” he said. “Optimizing your real estate portfolio and aligning investment with a strategic workplace vision is key to supporting innovation, enhancing employee experience, and attracting top talent.”

Oxford said its office portfolio continues to benefit from the sector’s bifurcation and ensuing flight-to-quality. In its three Canadian office markets, Toronto, Vancouver and Calgary, vacancy was well below their downtown vacancy averages.

Photo: Courtesy of Oxford Properties