Canada Life says the company will construct a new 15-storey office tower in downtown Toronto, on a vacant site adjacent to Canada Life’s historic head office.

Public Works and Government Services Canada has entered into a lease agreement with Canada Life. The Federal Courts and Health Canada will be the major tenants of the building.

The property is 100% owned by Canada Life, which became a subsidiary of Great-West Life earlier this year. GWL Realty Advisors Inc, a subsidiary of Great-West Life and a leading Canadian real estate advisor, will develop and manage the property.

Under the terms of the 20-year lease agreement, 70% of the new building will be occupied by the Government of Canada. The remaining 30% of the building, including the top four office floors and ground floor retail space, will be available for lease.

“The construction of the new building reaffirms the commitment amongst our expanding group of companies, to grow our presence here,” said Raymond McFeetors, president and CEO of Canada Life, Great-West Life, and London Life.

Construction is slated to begin immediately and occupancy is scheduled for early 2006.