Ivanhoe Cambridge, the owner, developer and manager of the Metrotower Office Complex in Burnaby, announced today that it is developing the complex’s third office tower, Metrotower III. Occupancy of the 29 storey office tower is expected in summer 2011. This development represents a $170 million investment for Ivanhoe Cambridge.
Once completed, this third and final addition to the Metrotower Office Complex will add nearly 400,000 square feet of ‘AAA’ Class office space, bringing the total square footage of the complex to one million square feet of rentable office space. Metrotower III, which will feature floorplates of almost 16,000 square feet on average, will host 25 floors of office space with panoramic views of downtown Vancouver, the North Shore Mountains, the Gulf Islands and Mount Baker. The complex already boasts a rich array of amenities including a fitness centre and 24 hour on site security.
“The Metrotower Office Complex has proven that it can draw major blue chip tenants who believe in this location as a central place to do business,” said Kim McInnes, Executive Vice President and Chief Operating Officer at Ivanhoe Cambridge. “AAA Class office space in downtown Vancouver is in short supply, and we’re confident that the success of the existing two towers, combined with our history of maintaining high occupancy rates makes this an ideal time to build Metrotower III.”
Metrotower III is the first project in Canada to be pre-certified for LEED® CS (Core and Shell) Platinum by the U.S. Green Building Council. The LEED® (Leadership in Energy and Environmental Design) Green Building Rating System is the nationally accepted benchmark for the design, construction, and operation of high performance green buildings. LEED for Core and Shell is a green building rating system for designers, builders, developers and new building owners who want to address sustainable design for new core and shell construction. Ivanhoe Cambridge is a member of the Canadian Green Building Council. Metrotower III is also registered with BC Hydro’s High Performance Building Program for its energy efficient design.
“LEED Platinum pre-certification is recognition of our commitment to sustainable development in designing and building Metrotower III,” said Gordon Wylie, Director, Development at Ivanhoe Cambridge. “For example, we are working closely with our partners to manage construction waste and divert much of it from disposal. We will also use regionally sourced and recycled materials where appropriate.”
Other aspects of the sustainable design include reducing the amount of powered light used by installing innovative window glass, and incorporating low-emitting materials like paints and carpets for healthier interior surroundings. These features have proven environmental benefits and will also likely result in cost and energy savings for the tenants that lease in Metrotower III.
Metrotower III provides easy access to the SkyTrain terminal and has a bus loop on site. It is central to suburban communities making this an ideal location for commuters from across the Lower Mainland. The complex is only 15 minutes from downtown by SkyTrain, and will also be accessible by SkyTrain from the Vancouver International Airport once Canada Line construction is completed in 2010.
Metrotower I and II are located at 4710 and 4720 Kingsway and make up the 612,000 square foot Metrotower Office Complex. Metrotowers I and II are currently leased to capacity, and tenants include Bank of Montreal, TransLink, Clarica/Sun Life Financial, KPMG, Rogers Communications and various Crown corporations.
The Metrotower Office Complex is connected to B.C.’s largest shopping centre, Metropolis at Metrotown, which offers more than 450 shops, services, entertainment facilities, theatres and restaurants. Nearly 2,000 occupants are expected to fill the offices of Metrotower III, and this is anticipated to positively impact local retailers.
About Ivanhoe Cambridge
Ivanhoe Cambridge is a pre-eminent Canadian-based global property owner, manager, developer and investor, focusing on high-quality shopping centres located in urban areas. Beyond its strong Canada-wide presence, the Company is also active in the United States, Brazil, Mexico and Europe, where it owns a number of properties either by itself or through joint ventures with prominent real estate partners. Abroad, Ivanhoe Cambridge also holds interests in several shopping centre development and management companies and maintains offices in Europe and Asia.
Its real estate portfolio consists of more than 44 million square feet (4 million square metres) of retail space and includes some 70 regional and super-regional shopping centres. As at December 31, 2007, the market value of Ivanhoe Cambridge’s assets reached CAD $13.4 billion.
Headquartered in Montreal, Quebec, Canada, Ivanhoe Cambridge is a principal real estate subsidiary of the Caisse de dépôt et placement du Québec, one of the largest institutional fund managers in Canada. Amongst its shareholders, the Company also counts four prominent Canadian pension funds.