On September 12, 2002, Bank of Montreal sold its undivided 25 per cent interest in the land under First Canadian Place in Toronto to The Manufacturer's Life Insurance Company for $120 million. The transaction included the transfer of the bank's interest in the lands and various rights, interest and assets associated with the property. Following the sale, Manulife and O&Y FPT Inc. each hold a 50 per cent interest in the land under First Canadian Place. The bank will remain headquartered at First Canadian Place maintaining its leases, which expire between 2013 and 2023. First Canadian Place is managed by O&Y Properties Inc. and various management contracts were renewed on closing.

O&Y FPT and O&Y Properties were represented in-house by Philip Reichmann, CEO, and Randy Northey, counsel, assisted by Stephen Risk and May Cheng (intellectual property) of Fasken Martineau.