Consolidation Launches Office Tower and Transforms Toronto's Financial Core
Deloitte, a leading professional services firm in Canada and around the world, provides audit, tax, consulting, and financial advisory services. Faced with logistical challenges due to employees being dispersed across multiple locations throughout the Greater Toronto Area, Deloitte recognized that the time had come to refresh its business model in order to remain on the cutting edge of changing business dynamics.
Deloitte engaged Cushman & Wakefield to conduct a comprehensive review of Deloitte's Toronto office requirements. After analyzing numerous scenarios and options, it was determined that the best solution to achieve the greatest occupancy value was to consolidate the firm’s business into one holding.
With more than 3,500 employees to consolidate across multiple offices, Deloitte required over 400,000 square feet of office space in a downtown core location.
In June of 2012, Deloitte announced plans to consolidate its GTA offices under one roof – namely the proposed East Tower of Bay Adelaide Centre owned by Brookfield Office Properties. By agreeing to lease 419,000 square feet – about 43% of the building – the project was able to proceed.
Located adjacent to the Bay Adelaide West tower in the heart of Toronto’s financial district, the 44-story, 980,000-square-foot office tower is expected to achieve the prestigious LEED Platinum distinction upon completion in 2015.
As the tower’s anchor tenant, Deloitte will gain a prestigious downtown address with naming rights to the tower and, most important, the opportunity to transform its workplace and culture by creating a visionary, collaborative office campus in one of Toronto’s most desirable locations.
Not only did the successful transaction kick off a new office development, it also became a “city-building” exercise, incorporating unique design features that will reimagine what had become a “tired” precinct into a vibrant downtown destination.
Cushman & Wakefield successfully negotiated lease terminations and/or extensions for existing locations to align with the timing of the consolidation and our Strategic Occupancy service worked in close partnership with Deloitte, Brookfield and the design team to deliver "out of the box" solutions. This remarkable collaborative effort enabled Deloitte to realize its vision to create a dynamic workplace in keeping with its commitment to its clients, its people and its corporate responsibility objectives – and, immeasurably, to downtown Toronto.