TORONTO _ Thomson Reuters (TSX:TRI) will spend about US$100 million to house its new technology hub at a Toronto complex that’s being built for occupation in 2021.
The multinational information services company has agreed to lease all of the office space at the new Duncan House to be built at 19 Duncan Street.
The multi-use complex will be able to house up to 1,500 employees for the Thomson Reuters technology hub, which was announced last year.
Thomson Reuters said a year ago that it would move some corporate functions to Toronto and tap into the city’s burgeoning technology expertise.
It currently expects to have hired up to 200 people this year and another 200 by the end of 2018, to be housed at the centre’s temporary Toronto site.
The US$100-million commitment announced Wednesday includes both capital investments and a 12-year lease starting when occupancy begins.
Allied Properties REIT (TSX:AP.UN) and Westbank have begun construction of a new building that will integrate a heritage structure.
Besides about 146,000 square feet of office space, to be leased by Thomson Reuters, the complex will have retail space and 462 rental residential units.