Sun Life Building Waterloo

The Sun Life Financial building at the corner of Union St. and King Street S. will be sold to Concert Real Estate Corporation, based in British Columbia. (Google Street View)

Sun Life Financial has put its building at 227 King St. S., on the border of Kitchener and Waterloo, up for sale and plans to sign a 20-year lease to rent the building from a future buyer. 

The company did not confirm if there were any potential buyers for the building. 

"Kitchener-Waterloo is a fantastic home to our Canadian headquarters and we have no plans to change that," said Susan Jantzi, director of corporate affairs and sustainability for Sun Life Financial.

"We'll be looking for likely an institutional investor who is interested in the Kitchener-Waterloo market and a property that has a long term tenant associate with it."

Jantzi said the 2,600 employees in the building will not be affected by the sale.

"This is a common arrangement for big Canadian companies," said Jantzi. "In the current Canadian real estate market, it's more financially attractive for Sun Life to lease the building and redeploy the capital elsewhere."

The original section of the building is more than 100 years old and was designed by Canadian architect Frank Darling. It was later enlarged in 1921.  The Ontario Heritage Trust commemorated the Sun Life Financial building with a provincial plaque in 2012 for its historical significance. 

At the end of the proposed 20-year lease period, Sun Life Financial will have the option to continue renting or buy the building back.