Construction under way at CIBC Square at 81 Bay Street in… - Hines

Construction under way at CIBC Square at 81 Bay Street in Toronto

Featuring the very best of real estate, the state-of-the-art urban campus will exemplify innovation, connectivity and sustainability

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.

About Hines

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.

Contact Hines

Headquarters

Global Headquarters

2800 Post Oak Blvd.
Houston, TX 77056-6188
United States
713 621 8000
Contact Hines

European Headquarters

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax

Regional Offices

U.S. East Region

345 Hudson Street
12th Floor
New York, NY 10014
United States
212 230 2300

U.S. Midwest Region

444 West Lake Street
Suite 2400
Chicago, IL 60606
United States
312 419 4900

U.S. Southeast Region

5 Ravinia Dr NE
Atlanta, GA 30346
United States
770 206 5300
770 206 5325 fax

U.S. Southwest Region

609 Main St.
Suite 2400
Houston, TX 77002
United States
713 237 5600

U.S. West Region

101 California Street
Suite 1000
San Francisco, CA 94111-5894
United States
415 982 6200
415 398 1442 fax

Asia Pacific Region

1 Connaught Road, 28F
Central, Hong Kong

Eurasia Region

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00

European Region

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax

International Offices

Australia

20 Hunter St
Level 10
Sydney, NSW 2000
Australia
61 2 9232 3137

Brazil

Av. das Nações Unidas, 12901
Torre Norte - 6 ° andar
São Paulo 04578-910
Brazil
55 11 5504 7600

Canada

200 King Street West
Suite 1805
Toronto, ON M5H 3T4
Canada
416 595 1949

China

Suite 333, Hyundai Motor Tower
38 Xiaoyun Road, Chaoyang District
Beijing, PRC 100027
China
8610 8453 8855
8610 8453 9866 fax

France

66 Avenue Charles de Gaulle
Neuilly-sur-Seine, IDF 92522
France
33 1 41 45 80 80
33 1 41 45 80 81 fax

Germany

Hines Immobilien GmbH
Joachimsthaler Str. 1
D - 10623 Berlin
Germany
49 30 726241 100
49 30 726241 109 fax

Greece

Voukourestiou 19
Athens 106 71
Greece
30 210 364 7895

India

One Horizon Center
12th Floor
Gurgaon, Haryana 122002
India
91 124 480 2222

Ireland

Block 2, First Floor
Clanwilliam House, Clanwilliam Place
Dublin 2
Ireland
353 1 7999900
353 1 7 999931 fax Dublin.OfficeAdmin@hines.com

Italy

Via Broletto, 35
Milan 20121
Italy
0039 02 8962921

Japan

Akasaka K Tower Level 4
1-2-7 Motoakasaka, Minato-ku
Tokyo 107-0051
Japan
81 90 9854 5236

Luxembourg

35 F, John F. Kennedy
Luxembourg L-1855

352 264 337 1
352 264 337 37 fax

Mexico

Torre del Angel
Reforma 350
Mexico D.F. 06600
Mexico
52 55 52428809

The Netherlands

Gustav Mahlerplein 28
Amsterdam, NH 1082 MA
Netherlands
31 6 30 70 81 29

Nordic Countries

Forbindelsesvej 4
Copenhagen 2100
Denmark
44 7815 285 191

Panama

Torre B Piso 15
Torre de las Americas
Punta Pacifica, Panama City
Panama
507 028 20 7375
507 300 99 75 fax

Poland

Prosta Street 68
Warsaw 00-838
Poland
48 22 351 2400
48 22 351 2401 fax

Russia

Gasheka Street 6
Ste. 820
Moscow 125047
Russia
7 495 785 05 00
7 495 785 05 10 fax

Spain

Sor Ángela de la Cruz, 2° - 2° C
Edificio Cuzco III
Madrid 28020
Spain
34 91 703 00 23
34 91 359 89 71 fax

South Korea

Glass Tower, Level 20
534 Teheran-ro, Gangnam-gu
Seoul 06181
Republic of Korea
82 2 3439 9141

United Kingdom

5 Welbeck St.
London W1G 9YQ
United Kingdom
44 20 7292 1900
44 20 7292 1901 fax