Posted November 03, 2018 07:54:31 The National Bank of Canada (NBN) announced Thursday that it has decided to cancel the lease on its downtown Toronto office building for the next few years as it looks to make a fresh start.
The bank announced Thursday it will vacate the building for an undisclosed amount of time in order to take advantage of a “modern design and technology platform” to make the building more sustainable and cost effective.
The building has a total floor area of around 1,000,000 square feet, according to its website, but its main office is the main headquarters of the Canadian Central Bank, the central bank of the country.
Its leasing terms will expire in 2021, meaning that the bank will no longer be able to charge its customers monthly fees to access its digital products.
The move comes as the bank is facing a mounting legal and political battle to stay open.NBN says it is “proud to have been a tenant in the Bank of Montreal Building for more than 30 years.”
The building was built in the mid-1960s as a meeting room for the bank and as a building for its offices.
The building was demolished in 2002 after more than 70 years of operation.