Transactions - MARCH 31, 2021

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Ivanhoé Cambridge and Hines break ground on CIBC SQUARE’s second tower in Toronto

by Released

Ivanhoé Cambridge and Hines have broken ground on CIBC SQUARE’s second tower located at 141 Bay Street in Toronto’s financial district. Construction on the 50-story office tower is scheduled to be completed in 2024. Phase I 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.

CIBC is the lead tenant of CIBC SQUARE.


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