A 24-storey tower in Toronto is to be the new home of Equitable Bank after the firm signed a long lease for the new building which has been marketed as The Shift.
The building at 25 Ontario Street is due to be completed in the second quarter of 2022 and is owned by First Gulf Corporation and the Healthcare of Ontario Pension Plan (HOOPP).
"Our current location has served us well these past few decades but we've taken it as far as we can," said Andrew Moor, President and CEO of Equitable Bank. "The move of our headquarters from midtown Toronto to the developing Downtown East district allows us to leverage new building designs with larger floorplates to accommodate our growing workforce, while keeping the Toronto team together in one space. We considered a number of options, including those in the heart of the downtown financial core, but we've never seen ourselves as a traditional bank, and we believe this building is the most cost-effective path to achieving our long-term goals, while continuing to pass on savings to customers with our branchless digital approach."
Collaboration and efficiency
Equitable will take 8 floors and a total 175,000 square feet of the LEED certified building and as a newly-constructed building the interior will be designed to enable the bank to maximize efficiency and collaboration.
"As Canada's Challenger Bank, a collaborative ideas-focused culture is who we are. This move complements our growth with an innovative and state-of-the-art facility that fosters an environment where our employees can collaborate and challenge one another to continue to produce new ideas that will give Canadians a better way to bank," said Jody Sperling, SVP of Human Resources at Equitable Bank. "Closer proximity to the downtown core, with convenient access to Union Station, means we can continue to recruit the best of the best with the skills needed to thrive at Canada's leading digital bank."
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