(VANCOUVER, BRITISH COLUMBIA) – Hines, the international real estate firm, signaled a recovery in Vancouver’s office sector today with its announcement that it will partner with Reliance Properties to develop 1166 West Pender on the current site of the Canada Revenue Agency tower in the heart of downtown. This is Hines’ first project in Vancouver, and the partnership is the most significant activity in the Vancouver office market since the start of the global pandemic.
“We chose Vancouver for our latest Canadian project because we believe in its world-class economy and future, and this partnership was a natural fit because of Reliance Properties’ commendable track record in the city and our shared values,” said Syl Apps, senior managing director for Hines.
The office tower’s design was developed in response to COVID-19, making it the first office building in Vancouver that will incorporate new health, safety, and wellness initiatives into the building architecture. Hines describes the 32-story AAA building as a globally relevant, next-generation office tower.
“Reliance and Hines initiated and completed the partnership during the global pandemic, and our joint project will be the first post-COVID-19 office tower delivered in Vancouver, prioritizing health, safety and wellness into the design in a way not yet seen,” said Jon Stovell, president and CEO of Reliance Properties, founded in 1955 in Vancouver.
Signaling Recovery of the Office Sector
Commercial brokerage CBRE called today’s announcement encouraging. “Downtown office market activity has returned to approximately 85% normal, albeit mostly small transactions,” said Blair Quinn, vice chairman of CBRE. “The announcement of the partnership between Reliance and Hines is the most significant office activity since COVID-19 started, and it is a major boost in confidence.”
Tower Designed for Post-COVID-19 World
Hines and Reliance leveraged Hines’ global expertise as a Founding Alliance Member of the Well Living Lab to combine building science and health science for a healthier tenant experience.
“The design of 1166 West Pender puts the health, safety and wellness of each of the building’s occupants at the forefront. We know how important that will be to employees as they return to the office post-COVID-19 – and our objective was to design a building in partnership with Reliance that best helps our tenants attract and retain the highest-quality employees and talent in the Vancouver market,” added Apps.
Sustainability and Wellness at the Heart of Design
The tower will target LEED, WELL and WiredScore certifications, and will prioritize improving tenant health and experience through sustainable design and operational strategies.
“We are excited to partner with a world-renowned company like Hines, a company known for its commitment to sustainability and wellness,” said Stovell.
Focused on tenant experience, the entire third floor will consist of an innovative indoor and outdoor space with amenities including an employee lounge and collaboration area, a modular conference facility, a spa-quality fitness and wellness center and best-in-market end-of-trip facilities.
One of the biggest focal points of the project and never-before-seen in the market will be the tower’s uppermost floors. The distinctive architecture of the building allows for the top nine levels to feature private outdoor terraces with breathtaking views, further increasing new health, safety and wellness protocols. To further sustainability measures, underground parking will prioritize employee wellness with more bike stalls than parking stalls to promote commuting with alternative transportation.
The completed project will be managed by Hines to a global best-in-class standard with a focus on delivering unparalleled tenant service, safety and wellness.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion¹ of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 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.
Since the launch of its Canadian operations in 2004, Hines has developed, acquired and/or managed over 13 million square feet of signature projects representing a wide variety of product types -- from city-defining office buildings to retail, residential and mixed-use developments. With offices in Toronto, Calgary and Edmonton, the team’s track record of economic value creation, investment stewardship, engineering excellence, advanced building design technology and architectural achievement continues to attract leading investors, clients and partners to help reshape Canada’s skylines.
Visit www.hines.com for more information. ¹AUM includes both the global Hines organization as well as RIA AUM.
Reliance Properties is a multi-award-winning owner, developer, and manager founded in Vancouver in 1955. From new residential and office buildings to architectural heritage renewal, Reliance has gained a reputation for enhancing urban experiences in Vancouver and Victoria, including being a leader in innovative housing solutions like micro-lofts. President & CEO Jon Stovell is a past and incoming chair of the Urban Development Institute. Visit www.relianceproperties.ca for more information.