CIBC SQUARE’s first fully leased tower is open | RENX
The first phase of the two three million square feet towers CIBC SQUARE, 81 Bay in downtown Toronto, is now fully leased and welcomes tenants to their new spaces.
“We are very proud of this impressive list of tenants that we have obtained at 81 Bay”, Charlie Musgrave, IvanhoÃ© Cambridge senior director of office leasing for North America, told RENX. “CIBC, Microsoft, Boston Focus Group and AGF are some of the largest multi-story tenants in the building and there are a host of other amazing businesses.
According to Musgrave, finishing touches to some amenity spaces and landscaping around the exterior of 81 Bay and its iconic park that spans the nearby rail corridor is underway.
The groundbreaking ceremony for CIBC SQUARE’s second tower, 141 Bay, took place in March. The excavation is well advanced and the pouring of concrete around the exterior has begun. The building is expected to be completed in 2024.
IvanhoÃ© Cambridge and Hines are project partners.
The demand for leasing remains
CIBC is CIBC SQUARE’s largest office tenant with approximately 1.65 million square feet leased in its 49- and 50-story towers. It has pre-leased 43 percent of 141 Bay, leaving approximately 850,000 square feet available.
âThe CIBC SQUARE complex represents the new international standard for office buildings,â said Musgrave. âThis building sets new benchmarks and benchmarks for architecture and design.
âWe believe we are in a very comfortable position to lease 141 Bay as we have a great selection of investment grade tenant prospects with lease expirations in 2024 and 2025 firmly on our radar. “
Musgrave said he was already in talks with and arranging weekly visits for some potential tenants.
âThere has been an insatiable demand for very high quality office space in the Toronto market, across the country, across the continent and around the world. Demand from tenants for high quality office space has not abated.
Musgrave noted that no tenant has reduced their footprint at CIBC SQUARE due to pandemic concerns and this has been the case in just about every area of ââIvanhoÃ© Cambridge’s international portfolio of AAA office assets. .
What CIBC SQUARE offers
âBy choosing CIBC SQUARE, our tenant partners have made a strategic investment in their physical workspace,â said Musgrave. âMost importantly, they are committed to the health, well-being, safety and overall satisfaction of their employees in the physical workspace.
âEmployees are arguably the most important item on every company’s balance sheet. So, at the end of the day, these companies invest heavily in their people.
âFrom the initial design, IvanhoÃ© Cambridge and Hines prioritized their efforts to create a highly differentiated employee experience for CIBC SQUARE.
CIBC SQUARE will have WiredScore Platinum accreditation for its high level of digital connectivity. Musgrave said it will also have the best vertical transport and the best air quality on the market, while its safety features and protocols are second to none compared to any other Class AAA tour in Toronto.
While 81 Bay offers sensor technology and a non-contact experience, this will be improved for 141 Bay.
âWith delivery staged between 81 and 141 Bay, we are in the advantage of learning of potential oversights at 81 Bay and incorporating them into the 141 Bay fabric,â said Musgrave.
ESG remains a priority
IvanhoÃ© Cambridge, Hines and principal tenant CIBC are all committed to environmental, social and governance goals and strive to make CIBC SQUARE Canada the most inclusive work environment, according to Musgrave.
CIBC SQUARE functionality will include:
– year-round access to green space on the one-acre sky park that spans the tracks and connects the two towers on the fourth floor;
– easy access on foot, by bicycle and by public transport, as well as more than 500 parking spaces for bicycles in each tower;
– public art in all the buildings;
– a 17,000 square foot fitness center dedicated to tenants;
– an animal relief area where support animals for visually impaired people can get water and relieve themselves;
– a breastfeeding room for nursing mothers;
– gender-neutral toilets and changing rooms throughout the complex;
– and food and drink options suitable for daytime and nighttime savings with bars open in the evening.
âWe make the campus so incredibly well positioned for a post-COVID world,â Musgrave said. âEvery square foot of common space at CIBC SQUARE has been carefully designed and connected via Wi-Fi, to engage our tenants and act as an extension of their physical workspace.
The WilkinsonEyre and Adamson Associates Architects-designed CIBC SQUARE is considered an extension of the Union Station master plan due to the implementation of a Metrolinx transit facility at 81 Bay, according to Musgrave.
This enabled him to secure an Incentive Grant for Imagination, Manufacturing, Innovation and Technology Enterprises, which supports the construction of new buildings or the expansion of buildings in targeted sectors and areas of the city ââof City of Toronto.
âThis is a municipal tax subsidy that allows for a very competitive rental structure for buildings,â said Musgrave.
Ready for green construction
CIBC SQUARE will be the first office complex in Toronto to reduce water use by capturing, filtering and disinfecting groundwater for use in on-site toilets, as well as rainwater. It will also have resort-wide waste reduction and diversion programs, such as waste and organics sorting stations, and water dispensers to encourage the use of reusable cups.
IvanhoÃ© Cambridge and Hines received a $ 780 million green construction loan from CIBC, Desjardins Capital Markets and HSBC Bank Canada for 141 Bay, the largest in Canadian history, in June. Green loans are given exclusively to finance or refinance eligible new or existing sustainable and green projects, and all the money will be used for the construction of the building.
IvanhoÃ© Cambridge and Hines
IvanhoÃ© Cambridge, headquartered in Montreal, is the real estate subsidiary of the Quebec deposit and placement fund. It holds interests in more than 1,100 buildings, mainly in the industrial and logistics, office, residential and retail sectors. It held $ 60.4 billion in real estate assets at the end of 2020.
IvanhoÃ© Cambridge has active developments south of the border in Houston, Dallas, Austin, Boston and Denver.
âWe have a selection of developments that are currently under construction or planned across North America,â said Musgrave. âWe have a tremendous pipeline of developments and we are actively engaged in dialogues and negotiations around other opportunities across Canada and the United States for the development of new offices. “
Hines was founded in Houston in 1957 and manages approximately US $ 83.6 billion in real estate investments around the world. It is one of the largest private property investors and managers in the world and is present in 255 cities in 27 countries.
Hines also provides third-party property-level services to over 367 properties totaling 138.3 million square feet. Historically, it has developed, redeveloped or acquired approximately 1,486 properties totaling over 492 million square feet.
The company has more than 171 ongoing developments around the world.
Since launching its Canadian operations in 2004, Hines has developed, acquired and / or managed over 14 million square feet of office, retail, residential and mixed-use developments. It has offices in Toronto, Calgary and Edmonton.