CIBC Square

CIBC Square under construction in September 2018.

CIBC Square (known during early stages of development as Bay Park Centre)[1] is an office complex under construction in the South Core neighbourhood of Toronto, Ontario, Canada. The complex will be built on Bay Street south of Front Street and will feature Canadian Imperial Bank of Commerce (CIBC) as the title tenant. It will be CIBC's new global headquarters, consolidating approximately 15,000 staff from several CIBC-tenanted buildings in the Greater Toronto Area, including its existing headquarters at Commerce Court.[2]

The 2,900,000 square feet (270,000 m2) complex will consist of two 49 floor towers, to be completed in two phases: the south tower, to replace a parking lot and set to include a new bus terminal for GO Transit and inter-city bus services, is scheduled to open in 2020, while the north tower, which will be on the site of the current Union Station Bus Terminal behind Dominion Public Building, will open in 2023. The two towers will be joined by Sky Park, a bridge over the rail corridor.

The development is being co-led by Ivanhoé Cambridge and Hines using land acquired from Metrolinx (as well as city-owned Toronto Parking Authority parking lot), and designed by British architectural firm WilkinsonEyre and Adamson Associates of Toronto.[2]

On June 21, 2017, during the groundbreaking ceremony for the south tower, the new complex name was revealed as CIBC Square.[1]

History

Ivanhoe Cambridge bought 81 Bay Street (formerly 45 Bay Street) back in 2007. Additional land and air rights over the rail corridor were acquired. In September 2014, Ivanhoe agreed with Metrolinx to build a new GO Bus Terminal at 81 Bay Street.[3]

Key tenants

CIBC will be primary tenant of the complex with 1,750,000 square feet (163,000 m2) or 60% of the leasable space.

Boston Consulting Group will occupy approximately 85,000 square feet to be its future Canadian headquarters.[4]

Metrolinx will have a new bus terminal built in the south tower of the new complex to replace Union Station Bus Terminal and Toronto Coach Terminal. Unknown is the fate of the former CP Express & Transport Building dock door and limestone fascia, which were incorporated in the current bus terminal as it will be replaced by the tower at 141 Bay Street.

Microsoft will be moving into a new 132,000 square feet facility for their new Canadian headquarters at 81 Bay Street, scheduled to open in September 2020.[5][6]

Retail complex

Below the two towers will be a four-storey podium housing retail space,[7] including a flagship CIBC retail bank branch.

Bay Park

CIBC Square will also have an elevated park that is a state-of-the-art, connecting the two towers to each other and to Greater Toronto. It will also be fully wired to act as an extension of the workplace, including the addition of a series of innovative garden meeting rooms. Perched high above the railways below, the park overlooks a green roof cultivated with seasonal native plants covering the railway shed, becoming part of the park's evolving landscape. The park will connect 81 Bay Street and 141 Bay Street at the fourth-floor level with an impressively varied topography: slopes and hills, horticulture, gardens, shade groves, balconies, and vista areas that interplay with the campus and surrounding urban structures, skies, and lake.[8]

See also

References

  1. 1 2 McGillivray, Kate (June 21, 2017). "Construction kicks off on Bay Street mega-development, set to include towers, bus terminal, park". CBCNews.ca. Retrieved June 24, 2017.
  2. 1 2 Wright, Lisa (April 12, 2017). "CIBC to move head offices to new Bay Park Centre". Toronto Star. Retrieved April 12, 2017.
  3. ↑ "Ivanhoé Cambridge and Hines acquire 141 Bay Street from Metrolinx (Apr 12, 2017)". Retrieved 12 September 2018.
  4. ↑ "The Boston Consulting Group to move into CIBC Square". www.newswire.ca. Retrieved 2017-08-06.
  5. ↑ "Microsoft Canada announces new headquarters in downtown Toronto". TheCanadianTechie. 2018-09-11. Retrieved 2018-09-11.
  6. ↑ Peesker, Kevin (September 11, 2018). "Microsoft Canada Moves to the Heart of Downtown Toronto". linkedin.com.
  7. ↑ "Bay Park Centre Park & Amenities". Ivanhoé Cambridge. Retrieved April 12, 2017.
  8. ↑ https://www.spacie.ca/p/ontario/toronto/bay-street/81

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