160 Front West | 239.87m | 46s | Cadillac Fairview | AS + GG

raptor

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Hot off the press:

Cadillac Fairview and Investment Management Corporation of Ontario Welcome TD Bank Group to Their Landmark Development at 160 Front Street West
Toronto, ON (April 11, 2019) – Cadillac Fairview (CF) and the Investment Management Corporation of Ontario (on behalf of its client Ontario Pension Board) announced today that TD Bank Group (TD) has signed a long-term lease agreement, which will see TD occupy 840,000 square feet across 33 floors at 160 Front Street West. As part of the transaction, which remains subject to customary closing procedures, TD will take part ownership in the building. For TD, the investment is a strategic decision that reflects the bank's strong balance sheet as well as the long-term outlook for corporate real estate in the downtown core.​
“We are pleased to announce that 160 Front Street West is now 100 per cent leased. Closing out our leasing efforts with our long-standing partner, TD is a significant occasion for our two companies,” said Wayne Barwise, Executive Vice President, Development, Cadillac Fairview. “Together, in 1967 CF and TD took a bet on the Toronto skyline with the opening of Toronto-Dominion Centre, forever changing the intersection of King and Bay Streets. I’m thrilled that over 50 years later we continue to collaborate, grow and innovate together.”​
With a significant presence in the new tower, TD has an opportunity to play a unique role in its design and construction. This partnership with Cadillac Fairview will give TD the ability to shape the vision of the interior workspaces and employee environments to drive colleague collaboration and improved workflow across the organization.​
"It's not every day that an organization has the chance to design, from the ground up, a new kind of workplace," said Paul Whitehead, SVP Enterprise Real Estate, TD. "The tower at 160 Front Street West will create a free range, open concept campus experience, and reimagine the work experience for our colleagues. This is a key part of our GTA real estate strategy to transform the way our employees work, and updates to support this are already underway at many of our locations in downtown Toronto, including our flagship TD Centre.”​
Designed by world renowned Adrian Smith + Gordon Gill Architecture, in collaboration with B+H Architects as the Architect of Record, the building is slated to open in the fall of 2022. TD joins the Ontario Teachers’ Pension Plan as major tenants of the building.​
With close proximity to the City’s main transit hub, the office tower features 1.2M square feet of premium office space across 46-storeys, 339 parking stalls, 492 bicycle stalls, and 12,290 square feet of retail space. Incorporating the latest in smart building technology, 160 Front Street West is designed to achieve LEED® Platinum and WELL Building Standard® certifications. Further, once operational, the building will be subject to the standards of CF’s award-winning sustainability program, Green at Work®.​
“This project is indicative of our commitment to generating strong results over the long term for our clients through acquiring and developing high-quality assets,” said Brian Whibbs, Managing​
Director of Real Estate, IMCO. “This is possible when we work with strong and valuable partners like Cadillac Fairview.”​
Cadillac Fairview currently has $1.5B of major office projects under development, including the $479 million building at 16 Street in Toronto, which is a joint project with IMCO, the $200 million BMO Campus at CF Toronto Eaton Centre, and the $60 million revitalization of 2 Queen Street West in Toronto.​

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So, what we all had guessed based on the sign variance request, we now know!

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Who could have guessed...? :p

Sign variance application:

View attachment 173943

View attachment 173944

View attachment 173945

The following pretty much gives it away that it's going to be TD, maybe I'm wrong (note the "backpainted green panel"):

View attachment 173946

View attachment 173947
 

AHK

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Tahoe?
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I certainly hope so.

Really did not like having to go there for meetings. Awkward location to get to, virtually no transit options, plus seeing the seas of cars in all the parking lots surrounding the four buildings. My understanding is that TD did not realize the savings that were anticipated when the project was approved. The Creekside buildings contain two basic groups - one being clerical and back office processing staff, the other being selected IT and associated support groups. Again, my understanding (somewhat dated) is that the longer term strategy was to bring the IT areas back downtown, while leaving the clerical and back office processing areas out in Mississauga.
 

innsertnamehere

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With this fully leased now too it certainly paves the way for The Hub, Commerce Court 3, or Union Centre to accelerate. Out of the major office projects under construction right now almost all are nearly fully leased if I recall correctly. Won't be surprised to see announcements/construction start in the next year on one of those projects, with the Hub being the most likely.

All this space means there will be a lot of space opening up in existing buildings too - office space absorption in downtown is very high, but there is already a record amount of space under construction.
 

someMidTowner

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Front page story and database update with new rendering:
http://urbantoronto.ca/news/2019/04/td-bank-signs-anchor-tenant-160-front-office-tower
Cadillac_Fairview_Cadillac_Fairview_and_Investment_Management_Co - Copy (2).jpg
Cadillac_Fairview_Cadillac_Fairview_and_Investment_Management_Co - Copy.jpg
 

travis3000

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TD Bank Group will lease 33 floors and acquire part ownership in Toronto's 160 Front Street West office tower being constructed by Cadillac Fairview and IMCO. The leasing portion will see TD occupy 840,000 square feet, bringing the building to 100% leased...

Source: RENX.ca

I remember several people in here arguing with me a couple months ago when I mentioned that TD was likely the tenant and would probably be taking 700,000+ sq ft. Even though the writing was on the wall.... those documents clearly showed a bank being the lead tenant with a GREEN logo. Like hello!? Its funny how everyone in here just loves to argue. Glad to see I was right on this one! Another leased tower in TO!!
 

ushahid

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I believed u when u said that, but my friend how many times have you been wrong? you don't go around and post about how u were right and won an argument. u can get wrong too.
 

Mercenary

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I thought OTPP was going to be the anchor tenant for this building.

TD should become the anchor tenant for the BIG designed building being built across the street.
 

Kingscourt

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I thought OTPP was going to be the anchor tenant for this building.

TD should become the anchor tenant for the BIG designed building being built across the street.
Why would the Teachers Pension Fund need a modern upscale office building designed to inspire innovation in the heart of downtown? Stick them in Scarberia or something, who cares.
 

Mercenary

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So lets see:
RBC built a new HQ in 2015 called RBC Waterpark
CIBC is building a new HQ at CIBC Square by 2020 and 2024
Scotia is building a new HQ at Bay Adelaide North by 2023
TD is now building a new HQ at 160 Front by 2023

This leaves BMO as the only bank which has not built a new HQ. Hopefully they sign and become anchor tenants at Union Centre.
 

AlvinofDiaspar

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So lets see:
RBC built a new HQ in 2015 called RBC Waterpark
CIBC is building a new HQ at CIBC Square by 2020 and 2024
Scotia is building a new HQ at Bay Adelaide North by 2023
TD is now building a new HQ at 160 Front by 2023

This leaves BMO as the only bank which has not built a new HQ. Hopefully they sign and become anchor tenants at Union Centre.

BMO got space at Eaton Centre above the old Sears store.

AoD
 

ADRM

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Why would the Teachers Pension Fund need a modern upscale office building designed to inspire innovation in the heart of downtown? Stick them in Scarberia or something, who cares.

You do realize pension funds employ some of the most sought-after and well compensated employees in the entire financial services industry, yes?
 

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