TORONTO, ON – May 19, 2015 – Cushman & Wakefield (C&W) has been selected as the Exclusive Listing Agent for the iconic new 1.5-million- square-foot office tower at 81 Bay Street (formerly known as 45 Bay Street) being developed by real estate company Ivanhoé Cambridge – a subsidiary of CDPQ. 81 Bay Street will be the first of two premium-class office towers forming a major transit-oriented AAA development to rise in the heart of downtown Toronto’s dynamic office market.
“Along with the developer, we engaged in an exhaustive due-diligence process that solidified our absolute belief in the need and timing of the development, and its ability to attract Canada’s and the world’s highest profile tenants,” said Michael Caplice, C&W’s Senior Managing Director & Market Leader for the GTA.
The 3.0-million-square-foot, multi-phased, premium office complex at 81-141 Bay Street will be built to AAA LEED® Platinum standards and transform the Toronto skyline with its signature design. A new Metrolinx terminal at the base of the 81 Bay Street office tower will reinforce Union Station as Toronto’s transit-hub, and an elevated SkyPark above the rail corridor will add new public green spaces to the area.
Cushman and Wakefield’s latest reports on urbanization and millennial workplace preferences show that commercial real estate developments and workplaces near walkable, urban centers improve a city’s chances of attracting the best young talent and contribute to the revitalization of the urban core.
Ivanhoé Cambridge’s new development will raise the bar on architectural and sustainability standards in Toronto, while shifting the downtown financial market’s “centre of gravity” southwards to Union Station.
“The design and planning of this development will ultimately deliver office space that will fuel the success of its tenants – meeting their evolving workplace needs well into the future,” said Caplice. “The need to attract and retain talent, in a sustainable workplace, is critical to attracting quality tenants. This project is delivering that, and more, with a next-generation design.”
C&W’s team, which will work in close collaboration with Ivanhoé Cambridge’s 81 Bay Street team, includes: Lee Billinkoff, David Wood, Derek Snyder, Jay Littlejohn and BJ Bhal from Office Leasing; Nancy Cohen in Strategic Occupancy Planning; Nicolas Kendrew in Capital Markets; Stuart Barron in Research; and Gigi Farrell in Marketing.