Bank of Montreal will build a new “BMO Campus” in Sears Canada’s former Toronto head office adjoining the country’s most-visited shopping mall by 2021.
The bank will collaborate with Cadillac Fairview Corp. to redevelop 350,000 square feet of office space in the Toronto Eaton Centre into a four-story atrium, the companies said in a statement Thursday. Cadillac Fairview, the owner of the mall, will invest about C$200 million ($155 million) to redevelop the space, Chief Executive Officer John Sullivan said in an interview. BMO will invest additional money beyond that amount, he said. BMO didn’t disclose financial numbers.