Toronto Scotiabank North Tower at Bay Adelaide Centre | 140.2m | 32s | Brookfield | KPMB

isaidso said:
Agree, we really don't need to see any more to know the outcome. All 3 'Bay-Adelaide' office buildings couldn't get any more mind numbing. At least in that 2nd last shot we'll have Dineen Coffee to lift one's spirits.
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What a disappointing outcome for this entire site. Three unremarkable office buildings jammed together with no presence at all, and quite unlike the TD Centre assembly. When you add up the floor space taken by the Bay-Adelaide troika you wonder what a taller single building might have added to the site in terms of architecture and public realm amenities at ground level. The buildings are efficient though , no doubt, from an accounting point of view - so Toronto.
 
old boy said:
What a disappointing outcome for this entire site. Three unremarkable office buildings jammed together with no presence at all, and quite unlike the TD Centre assembly. When you add up the floor space taken by the Bay-Adelaide troika you wonder what a taller single building might have added to the site in terms of architecture and public realm amenities at ground level. The buildings are efficient though , no doubt, from an accounting point of view - so Toronto.
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Ugh, all 3 buildings were basically told by the city they could not be built any taller cause of shadowing of NPS, let alone trying to build one tall one

Hey they may not be the greatest looking but ill take this $2 billion dollar/2.8 million sq.ft. office complex anytime over a bunch of generic looking, 180m - 140m condo buildings that would have probably occupied the same area
 
The more I look at the outcome of this site, the more I wish the 80's version of this complex went forward. I'm actually quite fond of the original proposal for this and think it would have looked quite handsome in the skyline.

That being said, I do like Bay Adelaide West for the notches, height and heritage facade. I will always have fond memories of that one going up.
 
Even though the boxes aren't the most interesting, im going to look a the positives we are getting from the complex.

-An incredible pedestrian feel to temperance st and that section of Yonge. (one of my fav areas)
-good heritage retention
-renewed cloud gardens
-location of a great tv show on Netflix
-no more stump

Also I dont feel like we have any just boxes of the same colour glass downtown. Correct me if im wrong but at least it is different.

Try to look at the positives people not everything is going to be perfect and we still need to create office space without making everything unaffordable.
 
The original 80's version for comparison
bay adelaide centre.jpg


It's a shame the economy tanked as that would have looked great in the 90's/00's skyline
IMG_2095.JPG by Julie, Dave & Family, on Flickr
 
Towered said:
Also, when I see that, I think of this:

View attachment 286847
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Whenever I think of tall buildings and Die Hard, this shows up:

Willis_Tower_From_Lake.jpg

Source: Wikimedia Commons

I often joke that the Sears Tower is renamed Willis Tower after Bruce Willis. Yes, I know that it's actually named after a British insurance brokerage firm.
 
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Apparently Brookfield is looking to sell its 1/2 interest in this tower.

The article spends some time speculating this has something to with WFH; which makes very little sense to me as this tower is substantially leased, at a known rate.

It doesn't proffer any evidence; and Brookfield had no comment. (I'd be more in the camp of generating capital for the next investment........but no inside info there)

www.thestar.com

Brookfield looks to to sell 50 per cent stake in Toronto office tower project

Brookfield Asset Management Inc. is looking to sell a 50% stake in an office tower it’s developing in Toronto’s financial district, according to peopl...
www.thestar.com www.thestar.com
 
Northern Light said:
Apparently Brookfield is looking to sell its 1/2 interest in this tower.

The article spends some time speculating this has something to with WFH; which makes very little sense to me as this tower is substantially leased, at a known rate.

It doesn't proffer any evidence; and Brookfield had no comment. (I'd be more in the camp of generating capital for the next investment........but no inside info there)

www.thestar.com

Brookfield looks to to sell 50 per cent stake in Toronto office tower project

Brookfield Asset Management Inc. is looking to sell a 50% stake in an office tower it’s developing in Toronto’s financial district, according to peopl...
www.thestar.com www.thestar.com
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To be honest, I can't believe that the office buildings' future is not creating a bigger ripple in the news. Pre-pandemic, there was a shortage of office space in downtown Toronto. However, those same employers in the financial and tech companies have swiftly adapted to WFH and all those office spaces are currently sitting idle. Having seen their workforce transition to productive WFH arrangements, you bet the company execs are asking themselves: "maybe we don't need the office space anymore"?
I know for a fact that my company is doing just that - terminating leases across various locations and substantially downsizing their office space in preparation for the post-pandemic new reality.
All this to say that it may seem strange to see Brookfield pull out of this property, but it may make a whole of a lot of sense in the long run, and WFH has a lot to do with it.
 
Full Metal Junkie said:
To be honest, I can't believe that the office buildings' future is not creating a bigger ripple in the news. Pre-pandemic, there was a shortage of office space in downtown Toronto. However, those same employers in the financial and tech companies have swiftly adapted to WFH and all those office spaces are currently sitting idle. Having seen their workforce transition to productive WFH arrangements, you bet the company execs are asking themselves: "maybe we don't need the office space anymore"?
I know for a fact that my company is doing just that - terminating leases across various locations and substantially downsizing their office space in preparation for the post-pandemic new reality.
All this to say that it may seem strange to see Brookfield pull out of this property, but it may make a whole of a lot of sense in the long run, and WFH has a lot to do with it.
Click to expand...

As someone with some inkling of what's going on in the Toronto office market ............I'm not seeing the large structural shift. It may yet come to pass; but I don't think so; I think you'll see some trimming around the edges......but for a wide variety of reasons, I don't expect a large increase in vacancy in Class A space in Toronto's core.

I could be wrong.............we shall see.

Irrespective of that, Brookfield has a substantially leased, long-term leased tower here, the financials are solid.
 
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