Desjardins Group will open new office in Olympic Stadium tower

The tower of Montreal's Olympic Stadium, which has stood vacantsince its construction was finished in 1986, will finally have a tenant.

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The Desjardins Group has signed an agreement with the Rgie des installations olympiques (RIO) to move in itsmanagement centre for bank-card operations.

Between1,000 and 1,800 employees could potentially occupy the large space inside the tower. The 15-year agreement is worth as much as$37 millionand could be renewed for another 15 years.

Sources told Radio-Canada "between four and six floors" are to be occupiedby Desjardins.

Multiple benefits

The stadium is advantageousfor Desjardins in severalways. Mostemployees who will be moving into the toweralready work in that partof the city, so the move won't have a negative economic impact on Montreal's east end.

The stadium also has anindependent power source, which is an important factor for the stability of computer equipment.

The government and RIO have been negotiating with the Desjardins Groupfor months.

Sources say the deal is to be announced on Wednesday by Monique Leroux, president and CEO of Desjardins, ina speech to the Board of Trade of Metropolitan Montreal.

However, the agreement has not yet been presented to the Quebec cabinet. Government sources told Radio-Canaadathat will happen inlate October.

This is the first bit of good news for RIO in a long time. The new revenue will be considerable, and the influx of hundreds of employees at the stadium will mean new revenue for the parking lot as well as other businesses in the area.

Both rely on tourists now to generate income, but they're a rare breed between November and April.

The stadium: a perennial challenge

The RIO has long sought ways to rent out space inthe tower. In 2001, the property-rental firm BUSAC launched a $44-million project to lure tenants, with a $20-million subsidy from Quebec. The project stalledand was finally abandoned in 2008.

RIO still has the formidable challenge persuadingthe government to provide the $200 million it would costto replace the stadium's roof a formidable challenge withthe government in cost-cutting mode.

Last March, Tourism Minister Dominique Vienssaid the governmentwantsto redefine the purpose of the stadium before making a decision on the roof.