Oxford Properties Group has announced the launch of The Stack at 1133 Melville in Vancouver’s downtown core, an AAA class 540,000 sq. ft. office development. The project is the largest office development currently underway in Vancouver, and is poised to become a remarkable addition to the city’s skyline.
The building has already attracted pre-leases from a trio of high-quality firms, Ernst & Young LLP (‘EY’), Blakes and DLA Piper, which have taken 207,000 sq. ft. of space collectively. With demolition already underway on site, construction is set to start in 2019 for completion in 2022. It will add much needed supply to Vancouver’s tight office market, which sits at 4.7 per cent as of Q2 2018, the second lowest of any major market in North America.
Rising 530 feet, the tower will become the tallest commercial tower in downtown Vancouver, and offers tenants unobstructed panoramic views of the city and mountains. Designed in collaboration between James Cheng Architects and Adamson Associates Architects, The Stack’s climbing, twisting box design will set a new standard for architectural excellence in Vancouver. To incorporate wellness and community into the design of the building, the office features six outdoor decks, a pocket park and a rooftop patio that is available to all tenants and will offer the finest views in the city. Likewise, the ability to open windows in the lowest box allows for fresh air and creates a connection with the outdoors, which is proven to boost employee wellness and productivity.
“With The Stack now launched, we’re adding significant and much-needed new supply to Vancouver’s extremely tight office market and to accommodate the city’s economic growth,” commented Chuck We, vice president of Office at Oxford. “The Stack is one of the most-forward thinking office projects in Vancouver. Not only does it break new ground by incorporating employee wellness into the fabric of its design through its use of natural light, outdoor space and cycling amenities, we’re future-proofing the building with the adoption of Smart Building technology and multi-modal transportation options.”
The building is at the forefront of sustainability by targeting LEED Platinum status and is one of only two high-rise towers in Canada to be part of the Net Zero Carbon pilot.
With pre-leases in place to EY, Blakes and DLA Piper, the top two boxes of The Stack are now virtually fully leased. The remaining bottom two boxes feature additional ceiling heights and larger floor plates, ranging from 15,000 to 22,000 sq. ft. and have been designed to incorporate the needs of a wide range of tenants including technology, digital media and creative firms.
The Stack development project is co-owned by Oxford and Canada Pension Plan Investment Board with each holding a 50 per cent stake.