A long-anticipated office tower in Toronto’s downtown is going ahead with an $800 million price tag.
The 46-storey tower at 160 Front Street West, on the northeast corner of Front Street and Simcoe Street will be built by Cadillac Fairview in cooperation with the Investment Management Corporation of Ontario (IMCO).
Cadillac Fairview says the investment in the new development is a sign of its continued confidence in the commercial real estate market in Toronto.
“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.”
Inaugural tenant confirmed
The first confirmed tenant of the 1.2 million square-foot development is the Ontario Teachers’ Pension Plan, the owner of Cadillac Fairview, which will relocate its head office to the new tower.
“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.”
Along with offices, the development will include 339 parking stalls and 12,290 square feet of retail space.
It has environmental sustainability at its heart as was designed (by world renowned Adrian Smith + Gordon Gill Architecture, in collaboration with B+H Architects as the Architect of Record) to achieve LEED® Platinum and WELL Building Standard® certifications.