A 46-storey office tower is set to be built in downtown Toronto.

The new building will be located at 160 Front Street West, on the northeast corner of Front Street and Simcoe Street and is a joint venture from Cadillac Fairview (CF) and the Investment Management Corporation of Ontario (IMCO).

The development features 1.2m square feet of office space, 339 parking stalls, 12,290 square feet of retail space and is slated to open in the fall of 2022.

“This city continues to experience record-low vacancy rates, fueled by demand for quality, sustainable office space across a broad array of clients, and in particular the tech and financial sectors,” said John Sullivan, president and CEO at Cadillac Fairview.“With space availability in downtown Toronto at the lowest level in over 25 years, we see tremendous opportunity for this development.”

The building’s inaugural client is CF’s owner, Ontario Teachers’ Pension Plan, which will relocate their head office from North York to 160 Front Street.

“Toronto is a vibrant and international city, and the downtown core is a major hub of finance. We believe this is the right time to plan our move closer to our partners and the pool of talent we will need to see us into the future. This new building will have many attractive elements to help foster teamwork and innovation, in a healthy and sustainable environment that is close to many different transit options,” said Ron Mock, president and CEO at the Ontario Teachers’ Pension Plan. “We are very pleased to be moving into a building run by Cadillac Fairview, our real estate subsidiary and a global developer of leading-edge office space.”

According to CF, this latest development reflects the demand for high-quality, amenity-rich office environments across the country.

“Our current momentum in commercial development speaks to a trend where best-in-class employers are seeking prime urban locations, and we take great pride in our ability to ultimately work with our clients to meet those needs,” said Sullivan.