NU Online News Service, Aug. 16, 3:16 p.m. – Manulife Financial Corp., Toronto, says it has agreed to buy a 25% share of the land Bank of Montreal owns under First Canadian Place at King and Bay inToronto

Under the agreement, Manulife will buy the share of the land ownership from the bank for about Cdn $120 million, or $80 million in U.S. dollars. Under the current ownership structure, Bank of Montreal owns a 25% undivided interest in the lands at First Canadian Place, Manulife Financial owns 25%, and O&Y FPT Inc. owns the remaining 50% Upon completion of the transaction, Manulife Financial and O&Y FPT Inc. will each own 50% of the land.

First Canadian Place tower is the tallest office building in Canada, with 72 floors of commercial space.