Oxford and PSP Explore Sale of Top Montreal Tower

(Bloomberg) -- Oxford Properties Group Inc. and Public Sector Pension Investment Board are exploring the sale of one of Montreal’s iconic towers, 1250 René-Lévesque Boulevard West, according to people familiar with the matter.

The pair have been engaging with prospective buyers for the 47-floor building after hiring Royal Bank of Canada to handle the sale, which could fetch more than C$500 million ($377 million), according to the people, who asked not to be identified because the matter is private. The property is not officially on the market as marketing materials are still being finalized. CBRE is working with Royal Bank on the sale, said one of the people.

PSP, which manages the pension funds of Canadian public servants, is an anchor tenant in the building. Oxford, the property unit of the Ontario Municipal Employees Retirement System, manages it. The skyscraper was built in 1992.

Representatives for Oxford, CBRE and RBC declined to comment. PSP didn’t immediately respond to a request for comment.

To contact the reporter on this story: Natalie Wong in Toronto at nwong133@bloomberg.net

To contact the editors responsible for this story: Debarati Roy at droy5@bloomberg.net, ;David Scanlan at dscanlan@bloomberg.net, Jacqueline Thorpe

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