Cadillac Fairview announced it is building a new $800-million office tower in downtown Toronto that will also be home to the Ontario Teachers’ Pension Plan’s next head office.

The 46-storey building, located at the northeast corner of Front and Simcoe streets nearby Union Station and the CN Tower, is set for completion in the fall of 2022.

It will feature 1.2 million square-feet of office space, 12,290 square-feet of retail space and 339 parking stalls, Cadillac Fairview said in a release Wednesday.

“This city continues to experience record-low vacancy rates, fueled by demand for quality, sustainable office space across a broad array of clients, and in particular the tech and financial sectors,” said John Sullivan, Cadillac Fairview’s president and CEO, in a statement.

“With space availability in downtown Toronto at the lowest level in over 25 years, we see tremendous opportunity for this development.”

Ontario Teachers’ will be the building’s inaugural tenant, and will relocate their head office from its current North York, Ont. location.

Cadillac Fairview currently has $1.5 billion of major office projects under development. It recently announced it is building a $200 million Bank of Montreal Campus at Toronto’s Eaton Centre mall.