Facebook Canada Moving to MaRS Tower in Toronto

Facebook's presence in Canada will soon call the MaRS tower in Toronto home, The Star reported last month. 

The social media company has plans to move its Canadian office from Yonge Street and Eglinton Avenue into the Phase 2 tower at the MaRS Discovery District the website reported. 

The MaRS Discovery District is a not-for-profit corporation founded in 2000 in Toronto. Part of MaRS mission is to "help create successful global businesses from Canada's science, technology and social innovation," according to the organisation's website. 

The move is slated for early 2016 and means good news for MaRS which has faced some financial troubles in the past. The province's government has paid nearly $400 million to bail out the tech incubator which has had trouble attracting tenants to the building. 

Airbnb and Etsy will soon be neighbors with the social media behemoth as well as other smaller tech companies, the article notes. 

"We wanted to find a space that very much reflected our culture," Jordan Banks, head of Facebook Canada, said. Banks added that the culture is "large and open and interactive and part of something much greater than just Facebook."

MaRS reps expect the Phase 2 tower will have enough tenants early into 2016 and will be able to begin making payments to the province.