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The Bank of Nova Scotia's iconic red headquarters in downtown Toronto, the 68-storey Scotia Plaza. (Fred Lum/The Globe and Mail/Fred Lum/The Globe and Mail)
The Bank of Nova Scotia's iconic red headquarters in downtown Toronto, the 68-storey Scotia Plaza. (Fred Lum/The Globe and Mail/Fred Lum/The Globe and Mail)

Could Scotia move out of Scotia Plaza? Add to ...

There's speculation in the real estate business that should Brookfield Office Properties win the bidding for Scotia Plaza, Bank of Nova Scotia could be moving out of the iconic red skyscraper.

According to analyst Michael Smith of Macquarie, some believe that Brookfield would want Scotiabank as a lead tenant for a new east tower in the Bay Adelaide Centre.That site is directly across the street from the current Scotia headquarters. With Toronto's office market strong, Mr. Smith said there could be a new cycle of office tower development.

Bay Adelaide's west tower is the newest major skyscraper at the heart of Toronto's business district, and a companion tower is long planned and the site sitting more or less ready.



What are the chances Scotia will want to move out of the tower that was built with the bank in mind, with then Scotia CEO Ced Ritchie overseeing every detail?

It may not matter, as Mr. Smith notes that the bidding for Scotia Plaza will be "intense" and so the odds of Brookfield winning are slim.

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