Construction Today 2018 - Volume 16, Issue 3 - 107
doubtedly become an iconic architectural
landmark and one of the city's premier
The towers are characterized by an
elegant curtain wall of diamond-shaped
extrusions that Pearce says will create
interesting light reflection. "We held a
global architectural competition, because
it's not a commodity box-type building,"
he adds. "These towers will stand out not
just in size and scale, but also because
its views will be preserved as it is built
abutting the rail corridor."
CIBC SQUARE is engineered to LEED
Platinum and WELL environmental
performance standards. It was designed
not just for resource efficiency, but also
with its users' health, wellness and quality
of life uppermost in mind. The HVAC is
designed to handle 100 square feet per
person on a typical office floor and 75
square feet per person on a podium floor.
In addition to the park, CIBC SQUARE
will offer a high-end fitness facility,
secure bicycle storage, showers and
changing facilities to accommodate active
lifestyles. The complex will also offer a
food court with casual and fine-dining
Ivanhoé Cambridge has partnered with
Hines both as development manager and
50/50 equity partner and with EllisDon to
oversee the construction of CIBC SQUARE.
"We have top-quality people accustomed
to working in demanding conditions in different markets," Pearce says. "As investors,
we feel confident we have the right team
on the job and we have very high ethical,
accountability and safety standards."
Excellence in Leasing
Just one year after construction began, the
south tower of CIBC SQUARE is more than
80 percent leased. Although CIBC has preleased approximately half of the second
tower, Pearce expects the leasing window
for the remaining space to be from 2019
to 2022 because smaller tenants aren't
looking as far ahead to lease space.
CIBC SQUARE received the Office Lease
of the Year award at the 2018 Real Estate
Excellence (REX) Awards held by the
Commercial Real Estate Development
Association of Greater Toronto (NAIOP).
The competition recognizes and celebrates
the achievements of the office, industrial,
retail and mixed-use real estate industry
in the Greater Toronto Area.
"As the leasing guy, I have to say I am
most proud of the rent roll," Pearce says.
"We signed one of the largest leases in Canadian history at 1.75 million square feet,
and we did it in a relatively short time. In
addition, we are going to leave a lasting
imprint on the Toronto skyline that we are
immensely proud of. City building is very
important to us, and it's our responsibility
to create a lasting legacy."
towers are to be characterized
by an elegant curtain wall of
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