Oxford Properties and co-investor CCP Investments are considering selling the Royal Bank Plaza complex in Toronto’s financial district, according to a report from BNN Bloomberg.
The tower is listed at $1 billion. While an astronomical amount of money, the cost makes sense given the tower’s location and because there’s an abundance of gold embedded in its windows.
Build built between 1976 and 1979, the Royal Bank Plaza was created during an era where English-speaking Quebec residents were moving to Ontario in droves, resulting in an influx of businesses in the province, including the Royal Bank of Canada (RBC).
The building features glass that consists of roughly 2,500 ounces of gold across the tower’s 14,000 windows. At the time of construction, each window costs $70, adding up to approximately $980,000. When today’s gold prices are considered, the windows are worth $5.6 million.
According to reports, RBC says it plans to maintain its office in the building still when and if a sale goes through. The building’s current owners lease roughly 40 percent of the complex or 1.5 million sq. ft. to other companies.