has scuttled plans to move into a splashy new office tower in downtown Toronto, adding to the growing inventory of unused office space in the country’s largest business hub.
Shopify’s 15-year term at The Well started last year, according to an Allied press release from 2018. Initially, Shopify agreed to take 250,000 square feet. Then, in the first year of the COVID-19 pandemic, when its stock price was soaring, it exercised its option for an additional 90,000 square feet.
As of Thursday afternoon, the Shopify space at The Well had not hit the sublet market. The company’s logo was still visible on a sign outside the building, but Shopify was not listed in a touch-screen directory.
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