February 19, 2013

ING DIRECT Canada to consolidate its operations in Ivanhoé Cambridge’s Steeles Technology Campus in Toronto

The financial institution leases 18,000 square metres (193,000 square feet) of office space

The financial institution leases 18,000 square metres (193,000 square feet) of office space

Ivanhoé Cambridge has signed a new 10-year lease for the rental of 18,000 square metres (193,000 square feet) of office space in the Steeles Technology Campus, a premier suburban office complex located north of downtown Toronto.

This important transaction, concluded by Ivanhoé Cambridge’s asset management team, follows Scotiabank’s acquisition of ING DIRECT Canada. ING DIRECT Canada which was already a major tenant of the Steeles Technology Campus will continue to operate as a separate and distinct wholly owned subsidiary of the bank.

“We are very pleased with this decision by ING DIRECT Canada,” said Nadim Hanna, Ivanhoé Cambridge’s Vice President, Asset Management. “As well, the signing of a 10-year agreement including a significant expansion of the existing premises is an acknowledgement of the exceptional quality of the building and the high level of services ING DIRECT Canada has received from Ivanhoé Cambridge and our building manager, Bentall Kennedy. It also demonstrates ING Direct’s confidence in us.”

For his part, Peter Aceto, President and CEO, ING DIRECT Canada, stated: “We are thrilled to be able to consolidate our Toronto operations at Steeles Technology Campus. It is a high quality building that will support the bank’s dynamic and collaborative culture and will position us well to meet future business needs.”

For the past eight years, ING DIRECT Canada occupied approximately 10,200 square metres (110,000 square feet) of leasable space in the Steeles Technology Campus. Under the new agreement signed with The Bank of Nova Scotia, ING DIRECT Canada’s operations will be consolidated on floors 5 to 11 of 3389 Steeles Avenue East, with work commencing to fit out the new space in 2013.

About Steeles Technology Campus
The Steeles Technology Campus is a premier suburban office complex located north of downtown Toronto on Steeles Avenue, southeast of Highway 404. It stands apart for its elegant architecture, exceptional comfort and vast range of technology services. This Class A office development currently features four buildings with 59,000 square metres (636,000 square feet) of leasable space. The site offers the possibility of a future development project depending on market needs.
For more information, visit steelestech.com/overview/

ING Bank of Canada, operating under the trade name of ING DIRECT, is a wholly owned subsidiary of Scotiabank. ING DIRECT is Canada’s leading direct bank with over 1.8 million Clients and close to $40 billion in total assets. ING DIRECT is a bright way forward in everyday banking for Canadians, offering value added, simple products such as high interest savings accounts, including TFSAs, GICs and RSPs with no fees or service charges, low rates on mortgages and a no-fee, daily chequing account that actually pays interest. Low cost, index based mutual funds are sold through ING DIRECT Funds Limited. ING DIRECT has been operating in Canada since 1997, and has paid more than $5 billion in interest to Clients. ING DIRECT is open for banking 24 hours a day, 7 days a week, at ingdirect.ca, on mobile devices at m.ingdirect.ca or by calling 1-800 ING DIRECT (1-800-464-3473).

About Bentall Kennedy
Bentall Kennedy is one of North America’s largest real estate investment advisors and one of its foremost providers of real estate services. Bentall Kennedy serves the interests of more than 500 clients across 142 million square feet of office, retail, industrial, residential and hotel properties totalling $29.4 billion throughout North America.

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