Tower power: Scotia Plaza sells for a record $1.27 billion

In a much-hyped sale, the red granite Scotiabank tower at King and Bay has sold for $1.27-billion, which is—by far—the highest price ever paid for an office building in Canada. Toronto-based Dundee Real Estate Investment Trust teamed up with H&R Real Estate Investment Trust to jointly pick up the two million square feet of space (and Canada’s deepest basement). The building only went on the market in January, and the relatively quick sale confirms the strength of Toronto’s office market—we bet the developers building all those office towers downtown are feeling pretty optimistic about now. [Globe and Mail]