Thanks to three major agreements confirmed, Ivanhoé Cambridge is pleased to announce that construction of Bay Park Centre is set to begin this spring on the iconic project in downtown Toronto.
First, Ivanhoé Cambridge and Hines announced that they have entered into a co-partnership agreement to develop and manage Bay Park Centre.
Second, Ivanhoé Cambridge and Hines finalized the agreement for the purchase of the land known as “141 Bay Street” in downtown Toronto from Metrolinx. Ivanhoé Cambridge will build a new GO Bus Terminal at 81 Bay Street as part of the first phase of the project.
Finally, CIBC and Ivanhoé Cambridge announced that CIBC will be the anchor tenant at Bay Park Centre, occupying up to 1.75 million ft2 (163,000 m2) in the two buildings that will total 2.9 million ft2 (270,000 m2). The new global headquarters at Bay Park Centre will be an urban campus for 15,000 bank employees, who will be moving from multiple locations across the GTA in 2020 and 2023. Bay Park Centre will be rebranded under a new CIBC name in the coming months to reflect the bank’s anchor presence.
Watch the video to discover Bay Park Centre.
Ivanhoé Cambridge, a global real estate industry leader, invests in high-quality properties and real estate companies in select cities around the world. It does so prudently, with a long-term view to generate optimal, risk-adjusted returns. Founded in Quebec in 1953, Ivanhoé Cambridge has built a vertically integrated business across Canada. Internationally, the Company invests alongside key partners and major real estate funds that are leaders in their respective markets.
Through subsidiaries and partnerships, Ivanhoé Cambridge holds interests in nearly 800 buildings, primarily in the residential, office, retail and logistics real estate sectors. Ivanhoé Cambridge held approximately C$56 billion in assets as at December 31, 2016. The Company is a real estate subsidiary of the Caisse de dépôt et placement du Québec (cdpq.com),one of Canada's leading institutional fund managers. For more information: ivanhoecambridge.com.