Ivanhoé Cambridge, the owner, developer and manager of the Metrotower Office Complex in Burnaby, announced today that it will pursue the development of the Complex’s third office tower, Metrotower III. Construction on the 29-storey office tower will begin in January 2012 and is slated for completion in April 2014. This development represents a $170 million investment for Ivanhoé Cambridge.
The initial groundbreaking for the third and final phase of the award-winning Metrotower Office Complex took place in 2008, however the project was suspended following the global financial crisis that occurred later that same year. “Metro Vancouver’s office leasing market has clearly rebounded: vacancy rates have dropped significantly since the end of 2010. The time is right to pursue construction of Metrotower III,” said Gordon Wylie, Senior Director, Development at Ivanhoé Cambridge. “It will be the first AAA Office tower in Metro Vancouver completed in this development cycle.”
Metrotower III will feature over 400,000 square feet of AAA-class office space, bringing the total square footage of the Complex to over one million square feet of rentable office space. Metrotower III has been pre-certified LEED Platinum (Core and Shell) by the U.S. Green Building Council. “Ivanhoé Cambridge remains committed to integrating sustainable development into the construction of Metrotower III,” added Mr. Wylie.
The Metrotower Office Complex is connected to B.C.’s largest shopping centre, Metropolis at Metrotown, an Ivanhoé Cambridge shopping destination that offers more than 450 shops, services, entertainment facilities, theatres and restaurants.