GWL buys Toronto's Citigroup Place tower for Canada Life

GWL Realty Advisors, a Canadian real estate investment advisor for pension funds and institutional clients, said it bought Citigroup Place, a Class A, or top-grade, office tower at 123 Front Street West in Toronto, for an institutional client. RENX reported that the client is The Canada Life Assurance Company. CBRE Canada said on X that it sold the tower with RBC Capital Markets, calling it the first fully marketed office asset of scale to close in downtown Toronto since 2021.

GWL said the tower is 93% leased and has direct PATH connectivity and immediate access to Union Station. According to the listing brochure, the weighted-average lease term, the average time left on leases, is 7.9 years. Two tenants, Citigroup’s Canadian headquarters and Teranet, have also recently renewed long term, GWL said.

The sale comes as downtown Toronto’s office market tightens: CBRE found that office vacancy fell by 90 basis points (hundredths of a percentage point) in the third quarter of 2026, the biggest drop among Canadian markets. Steven Marino of GWL said return-to-office mandates and the lack of new supply are behind that tightening.

Map: 123 Front Street West, Toronto. © OpenStreetMap contributors

Sources: GWL Realty Advisors · RENX · CBRE Canada on X · CBRE Canada