C&W Awarded Listing for 1.5-MSF Toronto Office Tower
- May 21, 2015
Toronto, Canada—The Canadian operation of Cushman & Wakefield, Cushman & Wakefield Ltd. has been appointed the exclusive listing agent for 81 Bay Street. The property is the first phase of a 3-million square-foot commercial development.
The Cushman & Wakefield team in charge of the task will be led by Lee Billinkoff, David Wood, Derek Snyder, Jay Littlejohn and BJ Bhal from the company’s Office Leasing department; Nancy Cohen in Strategic Occupancy Planning; Nicolas Kendrew in Capital Markets; Stuart Barron in Research; and Gigi Farrell in Marketing. C&W has three offices in the Greater Toronto Area: Toronto North/East in Markham, Toronto West in Mississauga and Toronto Central in the financial core. It employs 146 agents covering all asset classes and commercial real estate services.
The project is being developed by Ivanhoé Cambridge, which is a subsidiary of CDPQ (Caisse de dépôt et placement du Québec), one of Canada’s leading institutional fund managers. Formerly known as 45 Bay Street, the construction site is located in the heart of downtown Toronto’s office market and it will be home to a major transit-oriented Class-AAA development offering premium office space. The project will comprise two premium-class towers, the first phase of which is the 81 Bay Street tower with 1,500,000 square feet. Both towers are designed to meet the U.S. Green Building Council’s AAA LEED® Platinum standard. Ivanhoé Cambridge expects the new development to become an architectural landmark and the premiere commercial address in Toronto, and shift the core of the downtown financial market southwards, to Union Station. A new Metrolinx terminal at the base of the complex will reinforce the area’s status as the city’s transit-hub, and an elevated SkyPark above the rail corridor will add new public green spaces to the area.
Michael Caplice is C&W’s senior managing director & market leader for the Greater Toronto Area. “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,” he said.