CIBC will be moving about 15,000 of its Toronto-area employees to its new headquarters at Bay Park Centre in Toronto’s financial district, a complex that is set to break ground in spring.
Ivanhoé Cambridge and Hines are developing the facility on a 2.9 million square foot campus, across from Union Station and the Air Canada Centre. Architects WilkinsonEyre and Adamson Associates will design the complex.
CIBC will lease up to 1.75 million square feet of office space across two connected buildings. The first is scheduled to be completed in 2020 and the second in 2023.
The complex will also feature a strong retail banking presence, with a new banking centre serving thousands of residents and businesses in the area. It is designed to connect to downtown Toronto and beyond via all modes of transportation, while a series of pedestrian-friendly pathways—above, below, and at ground level—will connect the complex to downtown Toronto’s PATH network, businesses and amenities.
Ultimately, the campus will be engineered to LEED Platinum and Delos WELL specifications and exceed mechanical, electrical and security expectations. So far, the project has earned Wired Pre-Certified Platinum designation – the highest international standard in office internet connectivity, including a distributed antenna system for seamless and reliable cellular coverage.
“Our new home will foster a collaborative environment that will help us drive innovation, simplify our bank and strengthen our client-focused culture as we build the bank of the future,” said Kevin Patterson, senior executive vice-president, technology and operations, who is responsible for corporate real estate strategy at CIBC. “It will also reinforce Toronto’s position as a global financial capital and is an investment in this city as a place to work, live and explore.”
During the building phases, CIBC team members from various business units and support functions will move into Bay Park Centre from other locations across the Greater Toronto Area.
“We see it as a differentiator that will improve productivity, attract and retain the best talent, and enhance client experience,” said Sandy Sharman, executive vice-president and chief human resources officer at CIBC. “Our new headquarters will push the conventional perceptions of work to establish an innovative, engaged, flexible, and healthy workplace.”
Under the related lease agreement, CIBC will have exclusive naming rights and Ivanhoé Cambridge and Hines will officially rebrand Bay Park Centre under a new CIBC name in the coming months.
“This development exemplifies the very best in excellence and innovation, and will enable CIBC to continue setting standards among forward-thinking companies on the global stage,” says Ivanhoé Cambridge Chairman and CEO Daniel Fournier. “The project’s strategic location at the confluence of all major transit channels in the heart of downtown Toronto will set the site apart as the pre-eminent office complex in the city.”
Hines Canada CEO C. Kevin Shannahan added that the design will feature a one-acre park elevated above the rail lines. Their mission is to “contribute vibrant, technically and socially advanced architecture befitting the world-class city of Toronto for decades to come.”