Canadian e-commerce company Shopify (SHOP) has canceled plans to move into a new office building in downtown Toronto.
The Ottawa-based company has decided against occupying an office at “The Well” complex located at King Street West and Spadina Avenue in Toronto.
Instead, the technology firm plans to further develop its existing office at the Portland Centre, which is also located in downtown Toronto.
Shopify was scheduled to take possession of 254,000 square feet at The Well, with an option to add another 433,752 square feet.
While Shopify no longer plans to move into The Well building, the company is still financially bound by the terms of the lease agreement it signed, which runs until March 2037, according to
RioCan Real Estate Investment Trust, which co-owns The Well building.
Shopify has reportedly taken legal occupancy at The Well and is paying full rent for the office space in the building. The amount of the monthly rent has not been disclosed.
Shopify’s stock is down 68% in 2022 at $49.40 per share.
