As expected, the Bank of Nova Scotia has sold off its landmark building at King and Bay Streets. The 1988 complex consisting of about two million square feet of space and is almost completely occupied. The price paid was $1.2 billion. The buyers are well known Canadian firms Dundee Real Estate and H&R Real Estate. The partnered deal has yet to close. Scotia Plaza was built during the halcyon days bank building during the 70s and 80s. It is described as a postmodern landmark in red granite. The dramatic sculptured sides were as sensation at the time. Most remarkably, the bank sold its building to raise cash to satisfy requirements of new global banking regulations. The sale of the building was a way for Scotiabank to raise money without having to sell off core banking assets.
