IG Wealth Management’s Portage Avenue building to be sold

IG Wealth Management is shaking up Winnipeg’s commercial property market with a major corporate relocation. After nearly four decades anchored in its custom-built headquarters, the financial firm announced plans to abandon building ownership in favor of a modern, leased downtown footprint. The decision reshapes the city's downtown core and marks a strategic pivot for the enterprise as it approaches its centenary.

According to Winnipeg Free Press reporting published on Thursday, 30 July 2026, the company will vacate its long-standing home at 447 Portage Ave. And list the 19-storey structure — known as One Canada Centre — for sale this fall. Constructed for Investors Group in 1987 at a cost of $37.8 million, according to the Winnipeg Architecture Foundation, the Portage Avenue property stands as the only real estate facility the company actually owns. Nancy McCuaig, executive vice-president of parent organization IGM Financial, explained the rationale behind offloading the asset:

Media additions

"Building ownership is not really a core competency… Where we want to differentiate and excel as an organization, it’s servicing our clients."

Nancy McCuaig, Executive Vice-President of IGM Financial, via Winnipeg Free Press

The firm's leadership emphasized that the move is designed to downsize its physical footprint to match hybrid work realities. McCuaig noted that workers operate under a hybrid model, meaning the enterprise no longer requires all of its current space. While the renovations at the new location will require substantial capital, officials insist the property shift is completely unrelated to a recent corporate restructuring involving artificial intelligence integration and severance charges. That separate second-quarter action carried a $95-million charge on the company's books.

Under the transition timeline, roughly 1,100 employees, including staff from sister company Mackenzie Investments, will migrate to 360 Main St. By 2028. The new headquarters spans six floors in the 30-storey financial district tower, four of which were previously vacant while two had been occupied by a law firm. In addition, the firm will lease dedicated conference and event space in the neighboring 300 Main St. Tower, which holds apartments and an Earls. Floor planning is currently underway, with IGM estimating it will take two years to redesign the downtown space, accounting for the delayed move.

Local real estate leaders have welcomed the influx of corporate foot traffic into the heart of the city. Kim Riley, president of RFA Asset Management, which manages the tower following a merger between Artis Real Estate Investment Trust and RFA Capital Inc., highlighted the broader economic ripple effects of the long-term lease in a written statement.

"The significance of this lease extends beyond the building itself," Riley wrote, noting that bringing hundreds of workers directly to the heart of the city will revitalize nearby retail shops, restaurants, and local businesses.

Damon Murchison, President and CEO of IGM Financial and IG Wealth Management, framed the relocation as a deliberate investment in the city that has served as the organization's home for nearly a century. "Relocating to 360 Main strengthens our presence in the downtown core, supports its ongoing revitalization, and allows us to provide our employees with a modern, state-of-the-art work environment," Murchison said in a Yahoo Finance Canada announcement.

Founded in 1926, IG Wealth Management operates with approximately one million clients and manages roughly $176 billion in assets under advisement as of 30 June 2026. Parent organization IGM Financial holds approximately $343 billion in total assets under management and advisement as of the same date.

Key Milestones and Transition Details

• Current Location: 447 Portage Ave. (One Canada Centre), built in 1987 at a cost of $37.8 million and slated for a fall listing.
• New Headquarters: 360 Main St., occupying six redesigned floors featuring collaboration zones, updated technology, and Skywalk access.
• Additional Space: Leased conference and event facilities at the adjacent 300 Main St. Tower.
• Workforce Impact: Approximately 1,100 employees transitioning, including personnel from Mackenzie Investments.
• Target Completion Date: Full staff relocation expected by mid-2028.

For now, leadership remains focused on securing a buyer who will redefine the building's purpose for downtown Winnipeg while guiding the firm through its multi-year transition to Main Street. McCuaig stated that the company will sell the building for the best price and the best outcome, while leadership continues to determine an exact listing price ahead of the fall market entry.