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National Bank of Canada

An active social and economic force for more than 140 years, National Bank of Canada is the sixth largest chartered bank in Canada. With its head office located in Montréal, its Canadian network boasts 546 branches, including 454 in Québec. Internationally, it has offices in all four corners of the globe.

The Challenge

Savills Studley has completed several transactions — both retail and office renewals as well as relocations — for National Bank. Case in point — National Bank and National Bank Financial had both retail and office premises in Mississauga, ON. While occupying a large section of the building, and being especially proactive in dealing with lease expiries, Savills Studley was hired by National Bank to generate leverage with its landlord.

Savills Studley’s Response

Savills Studley demonstrated to the landlord that although the bank seemed to be a “captive” tenant in their building because of the retail branch, there were several options the bank could exercise to take advantage of the current market. Specifically, other landlords, in adjacent buildings, were anxious to invite a covenant similar to National Bank to their buildings at aggressive rates.

The Solution

The present landlord quickly saw that National Bank could easily decide to relocate and that they would be faced with a vacancy spike. The landlord realized that National Bank was serious about relocating. It lowered its rates, without delay, and increased the number of rights National Bank could exercise.

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Key contacts

Stan Krawitz

Stan Krawitz

Vice Chairman – Founder, Head of Canada

Savills Toronto

+1 416 480 0745 Ext. 3030

 

Ken Norris

Ken Norris

Senior Vice President, Branch Manager – Ontario Office

Savills Toronto

+1 416 480 0745 Ext. 3047