Toronto (Ontario), Canada – CIBC Square, a transformative project by Ivanhoé Cambridge and Hines, officially broke ground this morning during a special ceremony held on site at 81 Bay Street. Formerly known as Bay Park Centre, CIBC Square will feature two buildings and a one-acre elevated park over the rail corridor. The first of the project’s two buildings, 81 Bay Street is scheduled to be completed in 2020. The second building, at 141 Bay Street, and the elevated park over the railway will be completed in 2023.
Breaking ground at the ceremony were Mayor of Toronto John Tory, Ontario Minister of Transportation and Member of Provincial Parliament (Vaughan) Steven Del Duca, Ivanhoé Cambridge Chairman and CEO Daniel Fournier, CIBC President and CEO Victor Dodig, Hines Canada CEO Kevin Shannahan, and Ivanhoé Cambridge President, Office, North America, Arthur Lloyd.
"This project is a perfect example of how private and public partnerships can help reimagine Toronto and build up the city. This will provide a better experience for commuters, revitalize the entire area with a new elevated park over the railway and give a boost to the city. Thank you to all those involved in getting us to today.” - John Tory, Mayor of Toronto
“The new Union Station Bus Terminal will be integrated with our largest transit hub for a seamless commute as we continue to invest in building up our transportation network and innovative projects – like high speed rail and GO RER. CIBC Square is a visionary example of what government can achieve in partnership with the private sector - commuters can enjoy a walk in the park and take in the best views of the city for a more enjoyable, comfortable transit experience.” - Steven Del Duca, Ontario Minister of Transportation
“CIBC Square will be a remarkable addition to Toronto’s skyline and a significant contributor to its thriving economy. We are delighted to make a significant and sustainable impact to the development of Canada’s largest city, with an elegant, modern and efficient project.” - Daniel Fournier, Chairman and CEO of Ivanhoé Cambridge
“At CIBC Square, we will create a truly modern urban campus that reflects our investments in building the bank of the future. The world-class amenities will deliver an exceptional client and employee experience, and an environment of innovation and collaboration. CIBC is thrilled to be part of this major development which will enhance Toronto’s position as a financial capital for our clients in Canada, the U.S. and around the world.” - Victor Dodig, President and CEO of CIBC
“We are excited to be part of this dynamic project team that will be delivering this world-class urban campus in the heart of Toronto. With this project, we are contributing vibrant, technically and socially advanced architecture befitting the city for decades to come.” - Kevin Shannahan, CEO, Hines Canada
About CIBC Square: Delivering a new international standard
CIBC Square is the result of a joint effort between global real estate leaders Ivanhoé Cambridge and Hines, and one of the last office developments with a commercially renowned Bay Street address in Toronto’s business district.
CIBC Square, with its enviable location directly adjacent to Toronto’s Union Station, epitomizes the best of the “transit-oriented development” (TOD) approach. It not only completes the Union Station campus master plan by delivering a world-class bus terminal, but also provides direct links to all of Toronto’s transit channels, including TTC Subway, GO Train, Via Rail, PATH and the UP (Union Pearson) Express. As part of the CIBC Square Project, the Bay East Teamway will be renovated to first-class standards and will provide direct immediate access to the GO Train platforms from the project.
Each of the buildings will be equipped with an extensive array of amenities far exceeding anything available in the Toronto marketplace today. The signature amenity of CIBC Square is a one-acre elevated park, spanning one of North America’s busiest railways to connect the two buildings at the 4th floor level.
As a clear indication of their commitment to this globally unique public space, the programming of the park has been developed in co-ordination with Biederman Redevelopment Ventures, which operates and curates the activities of New York City’s famed Bryant Park. The elevated park will become a landmark destination for office users, area residents and tourists.
CIBC Square comprises two highly innovative office buildings on a 2.9-million-ft2 (270,000-m2) downtown urban campus. The buildings will feature 49 and 50 floors respectively of cutting-edge office and collaborative spaces designed to exceed the expectations of the most discerning tenants. CIBC Square will accommodate the optimal densities that are required by today’s premier global office space users, and will offer expansive views of Lake Ontario and Toronto's skyline.
Designed to maximize efficiency with open floor plates and building systems that enable tenants to optimize the footprint, CIBC Square will set a new standard for technology and innovation that far surpasses buildings from previous development eras. The project will be one of the last office developments with an internationally renowned Bay Street address in the business district.
Additional amenities will include first-class fitness and bicycle-parking facilities with showers exclusive to tenants, an international style eatery offering a selection of nutritious and healthy food options, and a variety of other restaurant options, including a white-tablecloth restaurant, a casual restaurant, and a café. The project will also deliver a first-to-market amenity of dedicated interior VIP parking and limo/taxi pick-up and drop-off facilities for building occupants and their clients. Finished ceiling heights throughout the project will be 9’6” (2.9 m) on the office floors and 12’0” (3.65 m) on the high-density podium floors, and the floorplates will be the largest available in downtown Toronto.
CIBC Square is designed by architect firms WilkinsonEyre and Adamson Associates, following an architectural design competition. The project is founded on architectural and structural excellence, exceeding mechanical, electrical and security expectations, which have been designed to attain LEED® Platinum Core & Shell certification, WELL Certification and WiredScore Platinum accreditation.
About Ivanhoé Cambridge
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and real estate companies in select cities around the world. It does so prudently, with a long-term view to generate optimal, risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners and major real estate funds that are leaders in their respective markets. Through subsidiaries and partnerships, Ivanhoé Cambridge holds interests in nearly 800 buildings, primarily in the residential, office, retail and logistics real estate sectors. Ivanhoé Cambridge held approximately C$56 billion in assets as at December 31, 2016. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com), one of Canada's leading institutional fund managers. For more information: ivanhoecambridge.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.