Scotiabank could rake in $1 billion from the sale of its flagship tower

Not content to let the Flatiron building hog the headlines, Scotiabank is getting ready to unload its flagship tower, and real estate gurus believe it could fetch a cool $1 billion. If projections are correct, it would be the most ever paid for a single office complex in Canadian history (and proof that Toronto’s condo market isn’t the only real estate sector that’s hot hot hot). The red granite building at King and Bay stands tall at 68 stories, which works out to nearly $15 million per floor—and by now, we all know just what $15 million can buy. Read the entire story [Globe and Mail] »