Ivanhoé Cambridge and Hines Break Ground on CIBC SQUARE’s Second Tower

Ivanhoé Cambridge and Hines officially broke ground on CIBC SQUARE’s second tower located at 141 Bay Street in Toronto’s Financial District. Construction on the 50-storey office tower is scheduled to be completed in 2024.

Rendering courtesy of CIBC Square

Phase One of the project led to the opening of the new Union Station Bus Terminal at the end of 2020 and first tower at 81 Bay Street is set to open its doors this year.

Once complete, the development will consist of two towers connected by a one-acre, elevated park. In Phase Two of the project, at 141 Bay Street, the office tower, elevated park and PATH connections to Union Station and East of Esplanade through Backstage Condominium will be completed. The 1.5 million-square-foot office building at 141 Bay Street will contribute to CIBC SQUARE’s total 3 million square feet of commercial space in Toronto’s Financial District.

Rendering courtesy of CIBC Square

“Our new home will accelerate the future of work with a modern, flexible and inclusive environment that is uniquely designed to curate client and workplace experiences focused on our purpose – to help make our clients ambitions real,” said Veni Iozzo, Executive Vice President, Enterprise Real Estate and Workplace Transformation, at CIBC. “We are very excited to welcome our team and new neighbours to CIBC SQUARE Phase One later this year.”

“Ivanhoé Cambridge is delighted to continue to develop Toronto’s skyline with Phase Two of CIBC SQUARE through the construction of 141 Bay Street. Phase One, 81 Bay Street has brought our vision of a city-defining office complex for human-centered services and sustainable design solutions to life, all to deliver the highest tenant experience. We are excited to see 141 Bay Street further define the future of office experience for tenant partners and the community,” said Jonathan Pearce, Executive Vice President, Leasing & Development, Office & Industrial, North America at Ivanhoé Cambridge.

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