CIBC, the Canadian financial services titan, has announced that it will be the anchor tenant at Hines and Ivanhoe Cambridge's long-anticipated Bay Park Centre, which will eventually be renamed to incorporate CIBC branding. CIBC will lease up to 1.75 million square feet total office space in the complex, set to include a new headquarters and an employee campus, with 15,000 CIBC employees set to occupy the space. Accompanying the announcement, a series of new renderings have been released, displaying the red and yellow CIBC logo that will have a major presence on Toronto skyline views again.
Revised renderings of the 2.9-million-square-foot (270,000 m2) downtown urban campus designed by Wilkinson Eyre and Adamson Associates Architects show that the CIBC branding has also been incorporated into the base of the complex, appearing in a glazed box above the northeast corner of Bay and Lake Shore, as well as along the roofline of the complex's podium structure.
The project has been designed to attain LEED® Platinum, WELL and WiredScore Platinum accreditations, important features for a global financial institution. Construction activity is anticipated to begin this Spring, with the first phase expected to be complete by 2020, and the second phase by 2023. It is yet to be determined how this major leasing will affect CIBC's current property at Commerce Court in the Financial District, though the institution expects to maintain some of its office space at the existing Financial District site.
Ivanhoé Cambridge Chairman and CEO Daniel Fournier remarked in a prepared statement, "This development exemplifies the very best in excellence and innovation, and will enable CIBC to continue setting standards among forward-thinking companies on the global stage. We look forward to working together to develop and deliver a dynamic environment for CIBC employees and clients. The project's strategic location at the confluence of all major transit channels in the heart of downtown Toronto will set the site apart as the pre-eminent office complex in the city."
C. Kevin Shannahan, Hines Canada's CEO, added "The design addresses the extensive needs of tower occupants, while benefiting the community with a one-acre park elevated above the rail lines. Our mission is to contribute vibrant, technically and socially advanced architecture befitting the world-class city of Toronto for decades to come."
Adding to the new series of renderings, a 3D video has been produced showing the development—and its new anchor tenant signage—in great detail from a variety of angles.
We will follow up with updates as new details develop. In the meantime, additional information and images and information can be found in our dataBase file for the Bay Park Centre, linked below. Want to get involved in the discussion? Check out the associated Forum thread, or leave a comment using the field provided at the bottom of this page.