Toronto Scotiabank North Tower at Bay Adelaide Centre | 140.2m | 32s | Brookfield | KPMB
- Thread starter yyzer
- Start date
jiec
New Member
This was just distributed to Scotiabank employees:
Earlier today, Brookfield Properties announced plans to erect a new building one block north of Scotia Plaza in downtown Toronto. Brookfield also announced that Scotiabank will be the anchor tenant of this new building. I would like to give you some additional context on the way that this aligns with our ongoing efforts to transform the way we work.
Over the past two years, we have been making investments in our Greater Toronto Area workplaces to better enable our Head Office employees with the right technology, physical environment and training. We are reducing our footprint significantly, moving from 28 separate buildings to four main campuses in Toronto, Scarborough, and Mississauga. We will achieve greater efficiencies by decreasing our physical and environmental impact, reduce our long-term costs to the Bank, and deliver a more cohesive and innovative culture for our employees. Our occupancy of this new building is one part of this larger effort.
Scotiabank will continue our tenancy in Scotia Plaza, including our Main bank branch, as well as several adjacent buildings which will connect to this new building via The PATH.
Construction will begin in the Spring of 2019, with a target of having this building open for business by the Summer/Fall of 2022. We will continue to provide updates on occupancy plans as Brookfield works towards these milestones.
- Barb
Earlier today, Brookfield Properties announced plans to erect a new building one block north of Scotia Plaza in downtown Toronto. Brookfield also announced that Scotiabank will be the anchor tenant of this new building. I would like to give you some additional context on the way that this aligns with our ongoing efforts to transform the way we work.
Over the past two years, we have been making investments in our Greater Toronto Area workplaces to better enable our Head Office employees with the right technology, physical environment and training. We are reducing our footprint significantly, moving from 28 separate buildings to four main campuses in Toronto, Scarborough, and Mississauga. We will achieve greater efficiencies by decreasing our physical and environmental impact, reduce our long-term costs to the Bank, and deliver a more cohesive and innovative culture for our employees. Our occupancy of this new building is one part of this larger effort.
Scotiabank will continue our tenancy in Scotia Plaza, including our Main bank branch, as well as several adjacent buildings which will connect to this new building via The PATH.
Construction will begin in the Spring of 2019, with a target of having this building open for business by the Summer/Fall of 2022. We will continue to provide updates on occupancy plans as Brookfield works towards these milestones.
- Barb
raptor
Senior Member
Brookfield to Commence Development of Bay Adelaide Centre North Tower in Toronto
August 14, 2018
TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Brookfield Property Partners L.P. (NASDAQ: BPY, TSX: BPY.UN) today announced its plans to commence development of the third and final office tower of Bay Adelaide Centre in downtown Toronto. Scotiabank has signed a commitment to lease 420,000 square feet – approximately 51% of the building – for 15 years as the anchor tenant of Bay Adelaide Centre North.
“We are pleased to commence development of the North and final tower at Bay Adelaide Centre with highly respected financial institution, Scotiabank, as the lead tenant,” said Jan Sucharda, Global President and COO, Office Division, for Brookfield Property Partners. “The North tower will complete the three-million-square-foot Bay Adelaide Centre campus, which over the last decade has established itself as one of the preeminent business addresses in Toronto’s financial core.”
Bay Adelaide Centre North, located on the north side of Temperance Street across from the existing East and West towers, will be a 32-storey, 820,000-square-foot office building with best-in-class operational, environmental and life-safety systems. Scotiabank will have a dedicated reception area, and exclusive access to an outdoor podium terrace. The tower will overlook Arnell Plaza to the south, a half-acre open space, as well as Cloud Gardens Park to the east.
The building will have direct access to subways and the amenities of the PATH underground pedestrian system. Consistent with Bay Adelaide Centre West and East and several of Brookfield’s new office developments, Bay Adelaide Centre North will be designed to achieve LEED Platinum Core & Shell environmental certification.
Brookfield anticipates substantial completion of the building in early 2022, with Scotiabank’s lease commencement to follow later that year. Brookfield projects total development costs of approximately C$500 million.
The 52-storey, 1.2-million-square-foot Bay Adelaide Centre West opened in 2009 and is 100% leased. At the time it was developed, it was the first new office tower in Toronto’s financial core in 17 years. The 44-storey, 1.0-million-square-foot Bay Adelaide Centre East opened in 2015 and is likewise 100% leased.
Reflective of the strength of the market and the premium quality of the company’s assets in the city, Brookfield’s 11-property, 11-million-square-foot Toronto office portfolio is currently 99% occupied.
Brookfield Property Partners
Brookfield Property Partners is one of the world’s largest commercial real estate companies, with approximately $69 billion in total assets. We are leading owners, operators and investors in commercial real estate, with a diversified portfolio of premier office and retail assets, as well as interests in multifamily, triple net lease, industrial, hospitality, self-storage, student housing and manufactured housing assets. Brookfield Property Partners is listed on the Nasdaq stock market and the Toronto stock exchange. Further information is available at bpy.brookfield.com.
Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management, a leading global alternative asset manager with over $285 billion in assets under management.
Certain of our investor relations content is also available on our investor relations app. To download Brookfield Property Partners' investor relations app, which offers access to SEC filings, press releases, presentations and more, please click here to download on your iPhone or iPad. To download the app on your Android mobile device, please click here.
Brookfield Contact:
Matthew Cherry
Senior Vice President, Investor Relations and Communications
Tel: (212) 417-7488
Email: matthew.cherry@brookfield.com
Forward-Looking Statements
This communication contains “forward-looking information” within the meaning of applicable securities laws and regulations. Forward-looking statements include statements that are predictive in nature or depend upon or refer to future events or conditions, include statements regarding our operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts,” “likely,” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: risks incidental to the ownership and operation of real estate properties including local real estate conditions; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the ability to enter into new leases or renew leases on favorable terms; business competition; dependence on tenants’ financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchange rates; uncertainties of real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the ability to complete and effectively integrate other acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes and hurricanes; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements or information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
Source: Brookfield Property Partners L.P.
August 14, 2018
TORONTO, Aug. 14, 2018 (GLOBE NEWSWIRE) -- Brookfield Property Partners L.P. (NASDAQ: BPY, TSX: BPY.UN) today announced its plans to commence development of the third and final office tower of Bay Adelaide Centre in downtown Toronto. Scotiabank has signed a commitment to lease 420,000 square feet – approximately 51% of the building – for 15 years as the anchor tenant of Bay Adelaide Centre North.
“We are pleased to commence development of the North and final tower at Bay Adelaide Centre with highly respected financial institution, Scotiabank, as the lead tenant,” said Jan Sucharda, Global President and COO, Office Division, for Brookfield Property Partners. “The North tower will complete the three-million-square-foot Bay Adelaide Centre campus, which over the last decade has established itself as one of the preeminent business addresses in Toronto’s financial core.”
Bay Adelaide Centre North, located on the north side of Temperance Street across from the existing East and West towers, will be a 32-storey, 820,000-square-foot office building with best-in-class operational, environmental and life-safety systems. Scotiabank will have a dedicated reception area, and exclusive access to an outdoor podium terrace. The tower will overlook Arnell Plaza to the south, a half-acre open space, as well as Cloud Gardens Park to the east.
The building will have direct access to subways and the amenities of the PATH underground pedestrian system. Consistent with Bay Adelaide Centre West and East and several of Brookfield’s new office developments, Bay Adelaide Centre North will be designed to achieve LEED Platinum Core & Shell environmental certification.
Brookfield anticipates substantial completion of the building in early 2022, with Scotiabank’s lease commencement to follow later that year. Brookfield projects total development costs of approximately C$500 million.
The 52-storey, 1.2-million-square-foot Bay Adelaide Centre West opened in 2009 and is 100% leased. At the time it was developed, it was the first new office tower in Toronto’s financial core in 17 years. The 44-storey, 1.0-million-square-foot Bay Adelaide Centre East opened in 2015 and is likewise 100% leased.
Reflective of the strength of the market and the premium quality of the company’s assets in the city, Brookfield’s 11-property, 11-million-square-foot Toronto office portfolio is currently 99% occupied.
Brookfield Property Partners
Brookfield Property Partners is one of the world’s largest commercial real estate companies, with approximately $69 billion in total assets. We are leading owners, operators and investors in commercial real estate, with a diversified portfolio of premier office and retail assets, as well as interests in multifamily, triple net lease, industrial, hospitality, self-storage, student housing and manufactured housing assets. Brookfield Property Partners is listed on the Nasdaq stock market and the Toronto stock exchange. Further information is available at bpy.brookfield.com.
Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management, a leading global alternative asset manager with over $285 billion in assets under management.
Certain of our investor relations content is also available on our investor relations app. To download Brookfield Property Partners' investor relations app, which offers access to SEC filings, press releases, presentations and more, please click here to download on your iPhone or iPad. To download the app on your Android mobile device, please click here.
Brookfield Contact:
Matthew Cherry
Senior Vice President, Investor Relations and Communications
Tel: (212) 417-7488
Email: matthew.cherry@brookfield.com
Forward-Looking Statements
This communication contains “forward-looking information” within the meaning of applicable securities laws and regulations. Forward-looking statements include statements that are predictive in nature or depend upon or refer to future events or conditions, include statements regarding our operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “forecasts,” “likely,” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.”
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: risks incidental to the ownership and operation of real estate properties including local real estate conditions; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; the ability to enter into new leases or renew leases on favorable terms; business competition; dependence on tenants’ financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchange rates; uncertainties of real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the ability to complete and effectively integrate other acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes and hurricanes; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements or information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
Source: Brookfield Property Partners L.P.
Skeezix
Senior Member
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And on cue, I noticed yesterday that they have started to demolish the old food court in the Bay Adelaide concourse, underneath the BA North site.
Koops65
Senior Member
Big Daddy
Senior Member
So, that’s 10 office buildings underway or approved
- Commerce court 3
- the Hub
- the Well
- The LCBO building
- CIBC Square 1
- CIBC Square 2
- 16 YORK
- 160 Front
- Union Centre
- Bay Adelaide North
Is this for real?
(Not to mention the addition to the Toronto Star building)
- Commerce court 3
- the Hub
- the Well
- The LCBO building
- CIBC Square 1
- CIBC Square 2
- 16 YORK
- 160 Front
- Union Centre
- Bay Adelaide North
Is this for real?
(Not to mention the addition to the Toronto Star building)
AHK
Senior Member
May be a bit premature with respect to Commerce Court 3 - I do not think it would be approved yet. Allied's Union Centre, while approved, has not really launched.
On the other hand, 65 King Street East and the Menkes Waterfront Innovation Centre building on Queen's Quay should probably be included in the list...
Last edited:
Big Daddy
Senior Member
Automation Gallery
Superstar
Only 88, lol
innsertnamehere
Superstar
That is wildly inaccurate. There are probably 18 cranes in the Hudsons Yards alone in NYC.
Softee
Active Member
Toronto has a couple of hundred cranes at least.
ushahid
Senior Member
29 projects are uc in NYC and its only the 200m+ ones.
ErieHall
New Member
Is the Crane Index adjusted per capita in some fashion?
taal
Senior Member
Are there renovating cloud garden as part of this ?