Ivanhoé Cambridge and Hines announced today that they have entered into a co-ownership agreement to develop and manage Bay Park Centre, located at 81 and 141 Bay Street, in downtown Toronto. As a result of this partnership, Ivanhoé Cambridge and Hines will be equal partners and investors in the Project. Hines is also the development manager of Bay Park Centre on behalf of the co-owners.
“We are delighted to have Hines as our equity partner to deliver CIBC’s new world headquarters in Toronto,” said Arthur Lloyd, President, Office North America, at Ivanhoé Cambridge. “Bay Park Centre will join a very select group of world-class office developments that redefine the urban experience at the core of modern cities.”
C. Kevin Shannahan, Hines Canada CEO, said: “It is our sincere privilege to work in concert with CIBC and Ivanhoé Cambridge, our joint-venture partner, developing this timeless headquarters complex in the heart of Toronto. The design addresses the extensive needs of building occupants, while benefiting the community with a one-acre elevated park above the rail lines. Our mission is to contribute vibrant, technically and socially advanced architecture benefiting the world-class city of Toronto for decades to come.”
Hines and Ivanhoé Cambridge have been partners for over 15 years, and their successful and longstanding collaboration has resulted in several city-defining iconic projects around the world, including: Tour T1 and B in La Défense in Paris (2007), ARDEKO in Paris (2014), Eighth Avenue Place East and West Towers in Calgary (2011 and 2015) and River Point in Chicago (2016).
The partners are also collaborating to deliver another major project in Paris. DUO, located in the 13th arrondissement, is projected to be completed in 2020. Ivanhoé Cambridge recently announced that it has pre-leased 100 % of the office space (nearly 1 million square feet) to Paris-based financial services company Natixis.
Ivanhoé Cambridge and Hines will officially rebrand Bay Park Centre under a new CIBC name in the coming months to reflect the bank’s anchor presence.
Bay Park Centre: Delivering a new international standard for office users
Bay Park Centre, with its enviable location directly adjacent to Toronto’s Union Station, epitomizes the best of the “transit-oriented development” (TOD) approach. It not only completes the Union Station campus master plan by delivering a world-class GO Bus Commuter Terminal, but also provides direct links to all of Toronto’s transit channels, including TTC Subway, GO Train, Via Rail, PATH and the UP (Union Pearson) Express. As part of the Bay Park Centre Project, the Bay East Teamway will be renovated to first-class standards and will provide direct immediate access to the GO Train platforms from the Project.
Designed to maximize efficiency with open floor plates and building systems that enable tenants to optimize the footprint, Bay Park Centre will set a new standard for technology and innovation that far surpasses buildings from previous development eras. Bay Park Centre comprises two highly innovative office buildings on a 2.9-million-square-foot (270,000 m2) downtown urban campus. The Project is the result of a joint effort between global real estate leaders Ivanhoé Cambridge and Hines, and will be one of the last office developments with an internationally renowned Bay Street address in the business district.
The buildings will each feature 49 floors of cutting-edge office and collaborative spaces designed to exceed the expectations of the most discerning tenants. Bay Park Centre will accommodate optimal densities that are required by today’s premier global office space users, and will offer expansive views of Lake Ontario and Toronto's skyline.
Ceiling heights throughout the Project will be 9’6” (2.9 m) on the office floors and 12’0” (3.65 m) on the high density podium floors, and the floorplates will be the largest available in downtown Toronto.
Each building will be equipped with an extensive array of amenities far exceeding anything available in the Toronto marketplace today. The signature amenity of Bay Park Centre is a one-acre elevated park connecting the two buildings, to be programmed by Biederman Redevelopment Ventures, which operates and curates the activities in New York City’s famed Bryant Park. Additional amenities will include first-class fitness and bicycle-parking facilities with showers exclusive to tenants, a market-style eatery offering a selection of nutritious and healthy food options, and a variety of other restaurant options, including a white-tablecloth restaurant, a casual restaurant, and a café. The project will also deliver a first-to-market amenity of dedicated interior VIP parking and limo/taxi pick-up and drop-off facilities for building occupants and their clients.
Designed by WilkinsonEyre and Adamson Associates following a design competition, Bay Park Centre is founded in architectural and structural excellence, exceeding mechanical, electrical and security expectations, which have been designed to attain LEED® Platinum, WELL and WiredScore Platinum accreditations. For more information: bayparkcentre.com.
About Ivanhoé Cambridge
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.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has US$96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,205 properties, totaling over 390 million square feet. The firm¹s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.