Construction Today 2018 - Volume 16, Issue 3 - 106
Commercial | IVANHOÉ CAMBRIDGE - CIBC SQUARE
The development will feature
an elevated one-acre park
between the two buildings.
Québec, one of Canada's leading institutional fund managers. Ivanhoé Cambridge
held more than $60 billion in assets as of
December 31, 2017, and has $5 billion in
ongoing development projects.
Ivanhoé Cambridge's CIBC SQUARE project
is more than 10 years in the making. The
company began to assemble land for the
project in 2007, acquiring first a single site
southeast of Union Station before adding a
second site to the north and gaining the air
rights over the railway tracks in between.
The work has been underway for about
one year, with the construction of the south
tower starting first and expected to be
completed in July 2020. "In order to access
the site for the second tower, the existing Go
Transit station on the north side of the tracks
needs to be relocated into the new transit
terminal we are building that is connected to
the south tower," explains Jonathan Pearce,
executive vice president of leasing, office
and industrial, North America.
Both towers will feature 49 floors and 1.5
million square feet of state-of-the-art offices
and collaborative spaces with expansive
views of Lake Ontario and Toronto's skyline.
CIBC (Canadian Imperial Bank of Commerce) is the anchor tenant with 1.75 million square feet leased across both buildings.
"Starting in July 2019, we will be turning
the first building over to CIBC, which has
leased the bottom 34 floors," Pearce says.
"The building officially opens July 1, 2020,
and we are on schedule."
Construction of the second tower will
begin in May 2020, with a slightly longer
schedule because it has a portion cantilevered over the rail corridor. First occupancy
in the second tower is expected to be in
"As the CIBC employees are presently
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CONSTRUCTION-TODAY.COM VOLUME 16, ISSUE 3
housed in a collection of real estate in a variety of locations and qualities, the goal was
to bring everyone together, because like all
of us, CIBC is competing for talent and to be
an employer of choice," Pearce says.
"We were able to offer CIBC a true urban
campus, strategically located in the heart
of the financial district and with a direct
connection to Union Station, the region's
single multi-modal hub," he adds. "There is
not another site like it in Toronto."
Ivanhoé Cambridge is also creating
green space between the two buildings,
developing an elevated one-acre park over
the rail corridor.
"To have an acre of green space within a
city center real estate project is unheard of,"
Pearce notes. "In order to show CIBC how
we could build over the railway tracks, we
arranged for them to visit River Point in Chicago, a similar type of construction that we
completed in 2016 with the same partner,
Hines. This was literally proof of concept."
Sophisticated Skyline Addition
UK-based WilkinsonEyre Architects, in
collaboration with Adamson Associates, designed CIBC SQUARE. Lloyd says he expects
it will be a new Toronto landmark.
"CIBC SQUARE is an ambitious, forward-thinking undertaking that is set to
redefine the Toronto skyline and the entire
downtown experience," he says. "It will un-