Toronto CIBC SQUARE | 241.39m | 50s | Hines | WilkinsonEyre

  • Thread starter Suicidal Gingerbread Man
  • Start date
interchange42 said:
If BMO wants a million square feet, Allied's Union Centre is approved for 1.1 million, and now that Bay Park's taken, there may never be a better located office tower built again in TO. Right at Union Station, on the path, beside the convention centre, steps from the dome, etc., etc., etc…

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Yeah, 160 Front street across the street is also approved for 1.2 million sq. ft of office space:)
 
It's not as well connected PATH or Transit-wise, but once Union Centre is built and its PATH can be connected to, 160 should be an easy sell.

42
 
Will 160 Front have its PATH connected directly to Union Centre, or is it going to be long and convoluted? It's a great location as long as the PATH connection is an easy walk.

Also, since 16 York is going ahead we should consider the chance that a big FI decides to anchor it. It isn't big enough for BMO apparently, but perhaps big enough for the other mystery tenant.
 
I guess TD was one of those banks competing with CIBC that @Filip heard about. BMO is listed as the other bank searching for space:

Toronto-Dominion Bank is looking for as much as 550,000 square feet (51,100 square meters) of office space in Toronto, following the lead of other lenders that have snapped up additional real estate in North America’s fourth-largest city.
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http://business.financialpost.com/news/fp-street/what-toronto-real-estate-crunch-td-looks-for-500000-square-feet-of-office-space-in-t-o

 
It shouldn't come at any surprise that others were interested in Bay Park. It was amount of space CIBC took that ended up being several times the amount being speculated. This will also open up around 2 million square feet to backfill and some of it prime space. Other space seekers may settle on that than a new build.
 
maestro said:
It shouldn't come at any surprise that others were interested in Bay Park. It was amount of space CIBC took that ended up being several times the amount being speculated. This will also open up around 2 million square feet to backfill and some of it prime space. Other space seekers may settle on that than a new build.
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Very little of the space vacated by CIBC will be AAA.

CCW only has two floors belonging to CIBC (4th and 56th), CCN is being vacated, but it's not cutting edge space (really a dump in there). CCS/CCE are also not the type of space banks would look for. There will be a few floors vacated from the Canada Trust Tower, but again, not enough contiguous space for banks.

Other CIBC locations are class B space in the downtown core.. I guess aside from Atrium on Bay, but that might put a stop to their ugly expansion plans.
 
Waterloo_Guy said:
Will 160 Front have its PATH connected directly to Union Centre, or is it going to be long and convoluted? It's a great location as long as the PATH connection is an easy walk.

Also, since 16 York is going ahead we should consider the chance that a big FI decides to anchor it. It isn't big enough for BMO apparently, but perhaps big enough for the other mystery tenant.
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160 Front's drawings show the PATH connection to Simcoe Place to the west of it as a fait accompli during initial construction, while simply allowing space for a connection to Union Centre in the future. The Simoce Place tunnel will be a worthwhile connection in terms of food court access for 160 Front workers, but not for commuting purposes as it will be a very convoluted route from Simcoe Place to Metro Centre to Roy Thomson Hall to St Andrew subway station. If Union Centre gets built first (as I think its better location means that it could), then 160 Front can connect into it too, and then 160 Front workers will be provided with a connection through Union Centre to Union Station. Simple. (Or lat least, far simpler.)

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Filip said:
Very little of the space vacated by CIBC will be AAA.

CCW only has two floors belonging to CIBC (4th and 56th), CCN is being vacated, but it's not cutting edge space (really a dump in there). CCS/CCE are also not the type of space banks would look for. There will be a few floors vacated from the Canada Trust Tower, but again, not enough contiguous space for banks.

Other CIBC locations are class B space in the downtown core.. I guess aside from Atrium on Bay, but that might put a stop to their ugly expansion plans.
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Worth noting, too, that CIBC has maintained a good amount of space in Brookfield Place (161 Bay), as well, including a number of senior executives, their investment banking, trading, and research departments, among others.
 
I personally wouldn't be surprised to see 160 Front redesigned. CF could acquire the warehouses fronting University Ave and really create something special (read HQ space for banks).

They've hedged their bets on 16 York for this development cycle. I can't see CF putting up two major towers in the same cycle, no matter how good the market fundamentals.
 
ADRM said:
Worth noting, too, that CIBC has maintained a good amount of space in Brookfield Place (161 Bay), as well, including a number of senior executives, their investment banking, trading, and research departments, among others.
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Correct, they have about 10 floors or so in the Canada Trust Tower (???) certainly not enough to fill a TD or BMO.
 
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