Bay Adelaide Centre. Image courtesy of Brookfield Office Properties
The building boom continues apace in downtown Toronto. Brookfield Office Properties announced today its plans to go ahead with the second phase of the Bay Adelaide Centre on Adelaide St. W between Bay St. and Yonge St. The 44-storey office tower will offer 980,000 square feet of office space with “best-in-class operational, environmental and life-safety systems,” just under half of which will be occupied by professional services firm Deloitte. The new building to rise next to the existing Bay Adelaide Centre West (the glass tower with the KPMG logo opened in 2009), on the condition the proposal is approved by the City, will be built to LEED CS – Gold environmental standards and include direct access to subways and the underground PATH system.
From the Press Release:
“Strong fundamentals and low vacancy in Toronto’s financial core signify the market’s willingness to support new office development,” said Jan Sucharda, president and chief executive officer of Brookfield Office Properties’ Canadian Commercial Operations… “Bay Adelaide Centre has become the newest premier professional precinct in downtown Toronto.”
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Once completed, the East and West towers will represent the forefront of premier office product in Toronto’s financial core, encompassing the full Adelaide Street block between Bay and Yonge Streets.
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The East tower’s expected completion date of late 2015/early 2016 coincides with several large office lease expiries in the financial core and gives these firms a new, premium build solution in a coveted location.
The announcement represents a vote of confidence in Toronto’s economy and the continued demand for downtown real estate. If that demand persists in the future, the third phase of the development Bay Adelaide Centre North could potentially offer another 500,000 square feet.
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Michael Kolberg is The Sprawl Editor at Toronto Standard. Follow him on Twitter for jokes @mikeykolberg
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