CIBC head­quar­ters will move to new of­fice tow­ers

Bay Park Cen­tre de­vel­op­ment near Union Sta­tion to form ’ur­ban cam­pus’ for 15,000 em­ploy­ees


CIBC is mov­ing its head­quar­ters fur­ther down Bay St. into two mas­sive of­fice tow­ers that the bank says will trans­form Toronto’s sky­line over the next six years.

“This is a gem of a lo­ca­tion and a sig­nif­i­cant in­vest­ment in our fu­ture,” said Stephen Forbes, CIBC’s ex­ec­u­tive vice-pres­i­dent and chief com­mer­cial of­fi­cer, in an in­ter­view.

The bank, whose head­quar­ters are cur­rently in Com­merce Court at Bay and King Sts., will be­come the an­chor ten­ant of the long-awaited Bay Park Cen- tre de­vel­op­ment ad­ja­cent to Union Sta­tion and the Air Canada Cen­tre. Two con­nected tow­ers will serve as both CIBC’s head of­fice and a cam­pus for about 15,000 of the bank’s Toronto-area em­ploy­ees, the com­pany an­nounced Wed­nes­day.

Bay Park Cen­tre — a multi­bil­lion-dol­lar de­vel­op­ment that will even­tu­ally be re­branded by CIBC in the next few months — will com­prise state-of-the-art fa­cil­i­ties on a 2.9-mil­lion-square-foot area in Toronto’s fi­nan­cial district. CIBC will lease 1.75 mil­lion square feet of of­fice space on the prop­erty.

“This is the most cov­eted space com­ing on stream in Toronto. It’s go­ing to trans­form that area in terms of the sky­line,” Forbes said.

The bank has 21,000 em­ploy­ees in the GTA and about 15,000 will be re­lo­cat­ing from var­i­ous CIBC of­fices be­tween 2020, when the first tower is built, and 2023, when the sec­ond tower goes up.

The “world-class com­plex” will fea­ture a strong re­tail bank­ing pres­ence, with a flag­ship bank­ing cen­tre serv­ing thou­sands of res­i­dents and busi­nesses in the area, the com­pany said.

The de­vel­op­ment is a joint project by global real es­tate firms Ivan­hoé Cambridge and Hines, with de­sign by ar­chi­tects Wilkin­son-Eyre and Adam­son As­so­ciates.

The real es­tate giants ex­pect more than 4,000 con­struc­tion-re­lated jobs to be cre­ated over the course of Bay Park Cen­tre’s de­vel­op­ment.

“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,” Daniel Fournier, chair­man and CEO of Ivan­hoé Cambridge, said in a state­ment.

CIBC will con­tinue to have a pres- ence at its long­time Com­merce Court digs along with some of­fices across the city af­ter the big move.

In 2014, Ivan­hoé Cambridge and Metrolinx an­nounced an agree­ment by which the real es­tate com­pany would build a new GO Bus Ter­mi­nal at 81 Bay St., south of its cur­rent lo­ca­tion.

A Metrolinx spokesper­son said the bus ter­mi­nal move will be seam­less for pas­sen­gers, not­ing the new ter­mi­nal will be ready af­ter the first tower goes up in 2020.

Bay Park Cen­tre will fea­ture a se­ries of pedes­trian path­ways — above, be­low and at ground level — that will con­nect the com­plex to down­town Toronto’s PATH network, busi­nesses and ameni­ties.

The site will also fea­ture a one-acre el­e­vated park link­ing the build­ings to each other and serv­ing as an out­door space for CIBC em­ploy­ees, clients and the pub­lic.

The de­vel­op­ment deal is “a bold step for­ward for CIBC” as the his­toric bank marks its 150th an­niver­sary, said Kevin Pat­ter­son, se­nior ex­ec­u­tive vice-pres­i­dent of tech­nol­ogy and op­er­a­tions, who is re­spon­si­ble for cor­po­rate real es­tate strat­egy at CIBC.

A ren­der­ing of the CIBC head­quar­ters at Bay Park Cen­tre, ad­ja­cent to Union Sta­tion and the Air Canada Cen­tre.

The new CIBC of­fice tow­ers at Bay Park Cen­tre will in­clude a flag­ship bank­ing cen­tre and a one-acre park.

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