Menu Close

Modernizing a Landmark Office Tower

77 Bloor Street West


  • Value Creation
  • Office
  • 21 storeys
  • 393,000 SF


  • Co-Investment -
  • Morguard REIT and
  • Institutional Client


  • Asset Management
  • Development
  • Property Management​​
  • Leasing

Modernizing a major commercial property co-owned by Morguard REIT has unlocked substantial v​​alue for shareholders, investors and tenants – including an increase in leasable space and dramat​ic savings in operating costs and tenant satisfaction.​

The Opportunity

Retrofit a 40-year-​old, 21-storey, 393,000-square-foot office building in downtown Toronto to LEED Gold Standard for Existing Buildings by improving the energy and environmental performance.

The Value Proposition​

Following the acquisition of the landmark building in 2009, Morguard and its co-owner identified the pote​ntial for real value growth through a significant retrofit at 77 Bloor Street West. To realize the vision, a detailed baseline analysis was u​nder​taken by Morguard’s Development and Asset Management teams.
The outcome of the analysis p​ointed to an optimization strategy that would:

    • add leasable are​a to the building​
    • significantly reduce operating costs​
    • improve tenant comfort
    • align to tenants’ business, financial, and operational goals​

The Result

Increased cash flow and property value through the renewal of a 10-year lease with the primary tenant, TD Waterhouse, and added almost 20,000 leasable square feet.
Improved tenant comfort and satisfaction. There was immediate engagement by tenants in environmental programs in support of energy and water savings.

​​​Achieved a 36% reduction in energy usage, resulting in savings of almost half a million dollars in annual operational cost. This performance was recognized with the CivicAction Race to Reduce Greatest Energy Reduction Award in 2015.​ ​​​

Achieved LEED GOLD for Existing Building.

Oops, an error : please select a service below to share to.
Help us prevent spam by entering the words below
Since your browser does not accept 3rd party cookies,
the system does not work as expected and captcha will be
requested every time.
Looks like your browser doesn't accept
third party cookies!
You need to enable this feature to use the
ShareThis widget.
Here is how you can do so!
Share again » « Back « Back Successfully Shared!
« Back ShareThis
Share this with your friends
Close Select your email service
Import contacts:
Google | Yahoo!
Last Used
      Morguard - Real Estate Ownership, Management and Investment

      Morguard is a fully integrated real estate company. We own, manage and invest in high-quality, well-located . . .



      What Worked:

      You successfully shared to


      What didn't work:

      Your message could not be shared to


      How to fix it:

      Log back in to complete your share:

      Your message was successfully shared to
      Your message could not be shared:   - Share again
      Your Facebook authorization has expired - log in.
      Log back in to complete your share:
      Pick one or more destinations:
      ... Cancel