National Bank of Canada (NA-T) says it has acquired the 10-storey office and commercial portion of the 700 Saint-Jacques tower in Montreal, adjacent to its new headquarters at National Bank Place, to further consolidate its real estate properties.
The space acquired includes the 10-floor base of the 58-storey mixed-use tower (also known as Victoria sur le Parc in the city's Quartier International district), which has been developed by Montreal-based Broccolini.
The podium comprises 330,000 feet of office space across eight storeys, the main floor entrance and a mezzanine, while the main floor also has space for commercial and retail businesses. National Bank intends to fully occupy the office spaces.
Floor plates range from 45,000 square feet on the main floor to about 35,000 square feet on the office floors.
"National Bank Place is coming alive and expanding. In keeping with our culture that puts people first, this space will give the employees who work there an even greater feeling of belonging to one big team," Laurent Ferreira, president and CEO of National Bank, said in the Tuesday morning announcement.
"National Bank Place will play an important role in Montreal's downtown by acting as a hub for our employees, clients and partners that will bring vitality to the area.”
National Bank did not release financial terms for the transaction.
Three-tower development along Saint-Jacques
The newly constructed 700 Saint-Jacques tower is designed to meet modern environmental standards and is seeking LEED Gold, WELL and WiredScore Platinum certifications.
It is part of a three-building development in the area, including the adjacent 800 Saint-Jacques tower which is National Bank’s new headquarters.
National Bank occupies 40 floors in the 200-metre tall tower and will have approximately 1.4 million square feet of space across the two buildings, a company spokesperson told RENX via an email exchange.
The development also includes the 35-storey residential tower 628 Saint-Jacques. Both 628 and 700 were developed by Broccolini, which acted as the general contractor for 800 Saint-Jacques.
In total, Broccolini said the investment for the three towers totalled approximately $1.3 billion when it broke ground back in 2019.
The 700 Saint-Jacques tower also includes 400 condominiums which range from 480-square-foot units to over 4,000-square-foot penthouses.
The building comprises over 990,000 square feet of total space.
National Bank says in the announcement the offices will offer “a modern, refined and welcoming environment with leading-edge technology.”
Green spaces, including a 40,000-square-foot park adjacent to National Bank Place, are designed to bring life to the space and increase foot traffic, the company writes.
About National Bank of Canada
With $426 billion in assets as at July 31, 2023, National Bank of Canada, and its subsidiaries forms one of Canada's largest integrated financial groups.
The bank has approximately 30,000 employees across its operations.