Large private-sector move anchors downtown office recovery
Winnipeg is set to receive a major boost to its central business district after RFA Financial confirmed that IG Wealth Management has signed a 20-year lease for a combined 121,300 square feet of office space near the city’s iconic Portage and Main intersection. The agreement covers nearly 115,000 square feet across six full floors at 360 Main Street and a further 6,300 square feet at 300 Main Street, Manitoba’s tallest building.
The leases are scheduled to begin in 2028, and IG has said it will establish the interconnected properties as its new national headquarters. Employees from IG’s sister company, Mackenzie Investments, will also relocate to the Main Street locations. As part of the shift, IG will sell the building it currently occupies at 447 Portage Avenue.
“We are pleased to welcome IG to our interconnected Main Street properties as they establish 360 and 300 Main as their new national headquarters,” said Kim Riley, president of RFA Asset Management. “This transaction highlights the advantages of our integrated downtown portfolio and our ability to deliver scalable, well-connected solutions for leading organizations.”
What the deal means for downtown Winnipeg
RFA said the lease will raise committed occupancy in its core Winnipeg office portfolio to roughly 95 per cent, up from 79.6 per cent prior to the agreement. The company also expects the deal to boost net operating income by about 59.7 per cent, adjusted to reflect the expiry of an existing lease within the premises to be occupied by IG.
Commercial real estate observers and municipal leaders have been watching downtown activity closely since the COVID-19 pandemic altered workplace patterns. Deals that bring long-term, large-scale tenants into existing Class A office towers are significant for efforts to revitalise the city core, attract ancillary services and support transit and retail businesses around Portage and Main.
- Leased area: 121,300 sq. ft. total (115,000 sq. ft. at 360 Main; 6,300 sq. ft. at 300 Main)
- Lease term: 20 years, starting in 2028
- Projected occupancy increase for RFA Winnipeg portfolio: 79.6% to ~95%
- Expected uplift in net operating income for the space: ~59.7% (adjusted)
Local context and likely consequences
The relocation of a national headquarters downtown tends to have ripple effects beyond direct office employment. Restaurants, cafes, shops and service providers that depend on daytime foot traffic around Main Street and Portage Avenue could see steadier demand. Longer-term leased commitments can also make it easier for property owners to justify capital investments in building upgrades, energy efficiency initiatives and public-facing amenities.
RFA framed the transaction as evidence of growing demand for high-quality space that supports evolving workplace needs. The firm said its interconnected Main Street assets are “uniquely positioned” to meet that demand, pointing to the benefits of scalable, well-connected space for large employers.
For IG Wealth and Mackenzie Investments staff, the move will mean consolidation into two neighbouring towers in the heart of Winnipeg’s business hub. The sale of IG’s current building at 447 Portage Avenue will be a separate, corresponding step as the firm finalises its capital and location plans.
| Building | Square footage | Notes |
|---|---|---|
| 360 Main Street | ~115,000 sq. ft. | Six full floors |
| 300 Main Street | 6,300 sq. ft. | Manitoba's tallest building |
While the transaction was described by RFA as one of the largest private-sector relocations to an existing downtown Class A office building in recent history, its full local impact will depend on execution, tenant fit-out schedules and how ancillary businesses respond to renewed downtown activity. With the leases not beginning until 2028, stakeholders will be watching how redevelopment and investment plans proceed over the next two years.
This deal adds an important chapter to the ongoing story of downtown Winnipeg’s recovery, signalling confidence from a major national financial company in the city’s core as a place to house long-term operations.
