German investment bank and asset manager DekaBank has acquired the Tour Deloitte office tower in downtown Montréal from Cadillac Fairview, the latest in a series of major divestments for the longtime Canadian commercial real estate owner. 

It is Deka’s first investment in Canada, the company stated in the announcement Monday morning.

Deka Immobilien, the entity which made the acquisition, has not disclosed the price. The tower will be added to the portfolio of firm’s open-ended real estate fund Deka-ImmobilienMetropolen (DIM).

Tour Deloitte was completed in 2015 and is considered one of the trophy properties in downtown Montréal. The 26-storey tower comprises approximately 495,000 square feet of space.

The tower is fully leased long-term to nine tenants, according to the Deka announcement, with global auditing and consulting firm Deloitte being one of the anchor tenants and holding naming rights. TMX Group is another of the major tenants.

Tour Deloitte in downtown core

Tour Deloitte is located at 1115 Rue Saint-Antoine Ouest in the Ville-Marie borough, the central business district of Montréal.

It offers direct access to public transportation and is connected to the city’s underground pedestrian system which links the downtown core. The Bell Centre, home of the NHL’s Montréal Canadiens and one of the city’s major sports and entertainment venues, is in close proximity. 

The property was the first office tower in the city to be built adhering to the LEED Platinum standard for Design + Construction. It also holds an Energy Star certification with a score of 75 points.

Cadillac Fairview divesting major assets

Cadillac Fairview has been making significant adjustments to its commercial real estate portfolio in recent months.

Among the moves, it has sold both the CF Promenades St-Bruno shopping Centre in Montreal and the Lime Ridge mall in Hamilton, Ont., for a combined $971 million. Both were acquired by Primaris REIT.

CF also sold the Yonge Corporate Centre office complex in Toronto to a partnership led by Europro. The three-building campus comprises 650,000 square feet of space.

Meanwhile CF launched its first major residential development in Calgary in November, two towers which will comprise 490 apartments near its CF Chinook Centre Mall.

Cadillac Fairview is wholly owned by the Ontario Teachers’ Pension Plan and has assets under management valued at $28 billion. It manages approximately 31 million square feet of leasable space at 57 properties across Canada.

Other recent office deals in Montreal

The transaction is the second major office sale in Montréal in recent weeks. 1130 Sherbrooke was sold to Tidan Hospitality and Real Estate Group for approximately $50 million by JK Investments, the real estate company formerly owned by Joseph Kracauer, who died in 2023.

1130 Sherbrooke St. W. is a 17-storey, 230,768-square-foot, class-A office building in the downtown which was developed by the Kracauer family in the 1970s. Completed in 1976, that building is 71 per cent leased to tenants that include Public Works Canada and clean technology company Enerkem. It also includes retail space at street level.

The sale of 1130 Sherbrooke is expected to close by the end of the month.

In a smaller transaction, Mondev and Foxmar Immobilier acquired a loft-style office building and development land in the Montreal technology hub of Mile-Ex from Spear Street Capital in December for $10.5 million. The 96,705-square-foot building at 6750 Esplanade Ave. had undergone significant renovations in recent years.

The activity is reflective of increasing office investment across Canada in recent months, as the sector has seen an uptick in occupancy, lowering vacancy in most major cities.

According to CBRE’s Q4 2025 Canada Office Figures, Montréal had a strong finish to 2025, with downtown vacancy dropping to 17.8 per cent in the quarter. The downtown area saw 228,000 square feet of positive absorption of office space throughout the year. 

About Deka and its subsidiaries

Tour Deloitte is the largest single investment for Deka-ImmobilienMetropolen, in addition to being the fund’s first in a Canadian metropolitan area, the announcement states.

DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe).

Together with its subsidiaries it forms Deka Group. With total customer assets of more than $715 billion (as of Sept. 30, 2025) and 5.9 million securities accounts, DekaBank is one of the largest securities services providers and real estate asset managers in Germany. It provides private and institutional investors with access to a wide range of investment products and services.

The Deka Group's global real estate expertise is pooled in its real estate division. The management companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH provide management and support for $83 billion (as of Dec. 31, 2024) in real estate assets.