Downtown St. John’s is set to lose one of its largest tenants in 2020 when Exxonmobil packs up and moves to a new office in the city’s east end.

The announcement was made almost one year ago that the company purchased an office building on Hebron Way, with the intention of moving to the new location sometime in 2020.

St. John’s Mayor Danny Breen says while the move is a loss for the downtown core, he is confident the area will rebound.

Breen says a reworking of the empty space will happen over time.

Breen explained how he is excited about new business startups, and cites the success of established companies like Verafin as examples of how companies can evolve. He added those businesses are the ones that will be taking up office space as they grow.