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Coordinates: 43°38′39″N 79°22′39″W / 43.64417°N 79.37750°W / 43.64417; -79.37750

CIBC Square under construction in May 2019.

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

Contents

DesignEdit

The 2,900,000 square feet (270,000 m2) complex will consist of two 49-story 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,[3] while the north tower, which will be on the site of the current Union Station Bus Terminal behind the Dominion Public Building, will open in 2023. Below the two towers will be a four-storey podium housing retail space,[4] including a flagship CIBC retail bank branch. The complex is designed by WilkinsonEyre Architects of London England, and Adamson Associates Architects of Toronto.[5]

CIBC Square will also have an elevated park that is state-of-the-art, connecting the two towers. It will be fully wired to act as an extension of the workplace, including the addition of a series of garden meeting rooms. Situated above the railway, 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 a varied topography: slopes and hills, horticulture, gardens, shade groves, balconies, and vista areas.[6]

HistoryEdit

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] 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.[7]

Key tenantsEdit

CIBC is the 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 (7,900 m2) for its Canadian headquarters.[8] Metrolinx will have a new bus terminal built in the south tower of the new complex to replace the Union Station Bus Terminal and the Toronto Coach Terminal. Unknown is the fate of the former CP Express & Transport Building dock door and limestone fascia, which was incorporated in the current bus terminal as it will be replaced by the tower at 141 Bay Street. Microsoft Canada will move into a 132,000 square feet (12,300 m2) facility for its Canadian headquarters at 81 Bay Street, scheduled to open in September 2020.[9][10]

ReferencesEdit

  1. ^ a b 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. ^ a b Wright, Lisa (April 12, 2017). "CIBC to move head offices to new Bay Park Centre". Toronto Star. Retrieved April 12, 2017.
  3. ^ Bissonauth, Nitish (February 21, 2019). "New bus terminal for Toronto - and GO customers - rises to new heights". The Link By Metrolinx. Retrieved February 23, 2019.
  4. ^ "Bay Park Centre Park & Amenities". Ivanhoé Cambridge. Retrieved April 12, 2017.
  5. ^ "CIBC Square". Urban Toronto. Retrieved March 12, 2019.
  6. ^ "Commercial Real Estate - 81, Bay Street, Toronto, ON". Spacie | Commercial Real Estate Listings.
  7. ^ Ivanhoe Cambridge. "Ivanhoé Cambridge and Hines acquire 141 Bay Street from Metrolinx (Apr 12, 2017)" (Press release). Retrieved September 12, 2018.
  8. ^ "The Boston Consulting Group to move into CIBC Square". www.newswire.ca (Press release). Retrieved August 6, 2017.
  9. ^ "Microsoft Canada announces new headquarters in downtown Toronto". TheCanadianTechie. September 11, 2018. Retrieved September 11, 2018.
  10. ^ Peesker, Kevin (September 11, 2018). "Microsoft Canada Moves to the Heart of Downtown Toronto". linkedin.com.

External linksEdit