Brookfield Property Partners L.P. today announced its plans to commence development of the third and final office tower of Bay Adelaide Centre in downtown Toronto, with construction set to begin in the spring of 2019. Scotiabank has signed a commitment to lease 420,000 square feet – approximately 51% of the building – for 15 years as the anchor tenant of Bay Adelaide Centre North, designed by KPMB Architects in collaboration with Adamson Associates Architects.
“We are pleased to commence development of the North and final tower at Bay Adelaide Centre with highly respected financial institution, Scotiabank, as the lead tenant,” said Jan Sucharda, Global President and COO, Office Division, for Brookfield Property Partners. “The North tower will complete the three-million-square-foot Bay Adelaide Centre campus, which over the last decade has established itself as one of the preeminent business addresses in Toronto’s financial core.”
Bay Adelaide Centre North, located on the north side of Temperance Street across from the existing East and West towers, will be a 32-storey, 820,000-square-foot office building with best-in-class operational, environmental and life-safety systems. Scotiabank will have a dedicated reception area, and exclusive access to an outdoor podium terrace. The tower will overlook Arnell Plaza to the south, a half-acre open space, as well as Cloud Gardens Park to the east.
The building will have direct access to subways and the amenities of the PATH underground pedestrian system. Consistent with Bay Adelaide Centre West and East and several of Brookfield’s new office developments, Bay Adelaide Centre North will be designed to achieve LEED Platinum Core & Shell environmental certification.
Brookfield anticipates substantial completion of the building in early 2022, with Scotiabank’s lease commencement to follow later that year. Brookfield projects total development costs of approximately C$500 million.
The 52-storey, 1.2-million-square-foot Bay Adelaide Centre West opened in 2009 and is 100% leased. At the time it was developed, it was the first new office tower in Toronto’s financial core in 17 years. The 44-storey, 1.0-million-square-foot Bay Adelaide Centre East opened in 2015 and is likewise now 100% leased.
Reflective of the strength of the market and the premium quality of the company’s assets in the city, Brookfield’s 11-property, 11-million-square-foot Toronto office portfolio is currently 99% occupied.