Cadillac Fairview (CF), in conjunction with the Investment Management Corporation of Ontario (IMCO) is pleased to announce construction of a new 46-storey office tower at 160 Front Street West, on the northeast corner of Front Street and Simcoe Street in downtown Toronto. The development, which represents CF’s continuing confidence in the city’s commercial real estate market, features 1.2M square feet of office space, 339 parking stalls, 12,290 square feet of retail space and is slated to open in the fall of 2022.
“This city continues to experience record-low vacancy rates, fueled by demand for quality, sustainable office space across a broad array of clients, and in particular the tech and financial sectors,” said John Sullivan, President and CEO, Cadillac Fairview. “With space availability in downtown Toronto at the lowest level in over 25 years, we see tremendous opportunity for this development.”
The building’s inaugural client is CF’s owner, Ontario Teachers’ Pension Plan, which will relocate their head office from North York to 160 Front Street.
“Toronto is a vibrant and international city, and the downtown core is a major hub of finance. We believe this is the right time to plan our move closer to our partners and the pool of talent we will need to see us into the future. This new building will have many attractive elements to help foster teamwork and innovation, in a healthy and sustainable environment that is close to many different transit options,” said Ron Mock, President and CEO, Ontario Teachers’ Pension Plan. “We are very pleased to be moving into a building run by Cadillac Fairview, our real estate subsidiary and a global developer of leading-edge office space.”
According to CF, this latest development reflects the demand for high-quality, amenity-rich office environments across the country. “Our current momentum in commercial development speaks to a trend where best-in-class employers are seeking prime urban locations, and we take great pride in our ability to ultimately work with our clients to meet those needs,” said Mr. Sullivan.
Cadillac Fairview currently has $1.5B of major office projects under development, including the $479 million building at 16 York Street in Toronto, the $200 million BMO Campus at CF Toronto Eaton Centre, the $60 million revitalization of 2 Queen Street West and the $25 million redevelopment of a former Sears location at CF Champlain in Moncton for TD Bank Group.
Designed by world renowned Adrian Smith + Gordon Gill Architecture, in collaboration with B+H Architects as the Architect of Record, the building will offer a distinctive silhouette on the downtown skyline while meeting prospective clients’ desire for efficient design and environmental sustainability in both construction and operation. Incorporating the latest in smart building technology, 160 Front Street is designed to achieve LEED® Platinum and WELL Building Standard® certifications. Further, once operational, the building will be subject to the standards of CF’s award winning sustainability program, Green at Work®.
Located one city block from Union Station and with easy access to the Gardiner Expressway, the site is well-positioned to appeal to prospective clients concerned with ever increasing traffic congestion in the city and superior transit access. Nearby amenities include a diverse range of retail, food, restaurant and hotel choices.
CF’s partnership with IMCO represents a continued collaboration on a number of projects on behalf of IMCO’s client, Ontario Pension Board (OPB). They include a new office tower under construction at 16 York Street in Toronto, as well as ownership in a number of existing office properties in Toronto and Vancouver, including RBC Centre and Toronto-Dominion Centre.
“Investing in real estate is an integral part of our investment strategy because it is well-aligned to Ontario Pension Board’s return objectives,” said Brian Whibbs, Managing Director of Real Estate, IMCO. “We value our strong relationship with Cadillac Fairview and we are proud to be a part of this exciting project, as we continue to focus on delivering value to OPB through the acquisition and development of high-quality assets that generate strong results over the long term.”