Equitable Bank (EQB-T) has moved into its new national headquarters: the new EQ Bank Tower at 25 Ontario St. in the eastern portion of downtown Toronto.

“It’s a dynamic, growing part of the city with a lower corporate density, and that mattered to us,” Equitable Bank senior vice-president and chief human resources officer Gavin Stanley said in an email interview with RENX. 

“We wanted to be part of a community where we could grow alongside other businesses, support local vendors and be a financial anchor in a vibrant, growing neighbourhood, so it was perfect for us.”

The building was originally marketed as The Shift, but the bank secured naming rights as the anchor tenant of the 24-storey, 476,000-square-foot structure. It occupies 277,988 square feet across 13 floors and at this point is the only tenant.

In addition to its office space, EQ Bank Tower also has approximately 4,000 square feet of available retail space at grade.

EQ Bank Tower was a joint venture between First Gulf and Healthcare of Ontario Pension Plan (HOOPP), and HOOPP owns 100 per cent of the building. A March 2020 media release stated that Think Research and Spaces would also be tenants, but that’s no longer the case.

HOOPP declined an interview request for this article.

Move from midtown and expansion of space

Equitable Bank’s previous headquarters were at 30 St. Clair Ave. W. in midtown Toronto.

“As our business grew rapidly in the years leading up to 2020, it became clear we needed more space — not just to house fast-growing teams, but to do it in a way that supports our fast-paced, highly collaborative working style,” Stanley explained.
 
“We’ve always believed that having all our teams under one roof helps spark cross-functional thinking, creativity, innovation and curiosity that’s been intrinsic to our success and identity as a challenger bank, and we began our search for a new office with that vision guiding us.”

Equitable Bank initially signed a lease for 175,000 square feet across eight floors at the 25 Ontario St. building in February 2020, with the goal of moving in by the end of 2022. 

“Like many major projects of that period, the pandemic shifted the timeline,” said EQ's senior director of office experience Heather Wood in the same interview. “Construction took longer than expected and, in the end, we fully moved in by spring 2025.

“In hindsight, the delay actually worked in our favour. It gave us the time to rethink how we use office space in a hybrid world — and to design a workplace that prioritizes connection, flexibility and shared experiences.”

As demand for digital banking surged during the pandemic, Equitable Bank’s business and teams saw rapid growth and it has expanded to the current 13 floors. The company continues to follow a hybrid work model. 

Build-out of space

“We were deeply involved in every aspect of building out the space — not just through workplace design experts, but by listening closely to our people,” Wood said.

The top three floors of EQ Bank Tower provide views of Lake Ontario and the downtown core and were designed to be shared spaces open to all employees. These areas feature a traditional and digital art collection, coffee bars, fireplaces and seating to spark informal conversations.

“We also provide healthy, catered lunches daily, with a wide range of cuisines and dietary options sourced from local vendors,” Wood said. “Lunchtime is central to our employee bonding experience, and we created a shared dining space on these floors where everyone can sit together.”

The building was designed with internal staircases linking multiple floors in high-traffic areas and shared work zones to encourage interaction across teams.

There are also private wellness spaces for prayer, meditation or quiet time on most floors.

Canadian suppliers

Wood said the majority of furniture and fittings chosen for the bank’s space were either made in Canada or supplied by Canadian companies. 

EQ Bank Tower is certified LEED Gold Core and Shell. Obtaining LEED Interior Design and Construction, LEED Operations and Maintenance and WELL Building Standard (including the WELL Optimization for Accessibility and Universal Design) certifications for tenant floors is in progress.

“Every work station has extended range height adjustability, every room is accessible with the largest turning radius, all signage is indicated in braille, and the town hall space has several enhanced features like the copper loop hearing system to support staff who are deaf, deafened and hard of hearing,” Wood said.  

EQB, Equitable Bank and EQ Bank

EQB Inc. is a digital financial services company that had $132 billion in combined assets under management and administration as of Jan. 31. It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets. 

Equitable Bank — which aims to disrupt traditional banking by offering digital-first services, including residential lending, commercial lending, high-interest savings products and guaranteed investment certificates — has more than 700,000 customers and more than six million credit union members through its businesses. 

The challenger bank, which utilizes EQ Bank as its digital banking platform, manages more than $74.1 billion in assets.

“Our location at 25 Ontario Street sits just outside the traditional banking core, with panoramic views of the financial district and the towers that represent larger institutions,” Stanley noted. “It’s a daily reminder of the distinct role we play in the industry and a source of energy for our teams to keep doing things differently.”

First Gulf’s other neighbourhood developments

First Gulf has developed close to one million square feet of office and retail space in the neighbourhood across the Coca-Cola Canada headquarters at 333 King St. E. and The Globe and Mail Centre at 351 King St. E.

First Gulf also announced in July 2022 it had received Toronto city council approval for its King East Centre development in the same neighbourhood. It was to consist of a 28-storey office tower, a 39-storey, 310-unit residential tower, retail and public space. Construction hasn’t yet begun.