La Caisse and Hines cap a decade-long build with Canada's first park suspended above a rail line
141 Bay Street and The Park at CIBC SQUARE have opened in full, completing a three-million-square-foot mixed-use campus in downtown Toronto.
La Caisse, formerly CDPQ, and Hines confirmed the completion in a joint release, which names the National Pension Service of Korea as a long-standing investor behind the development.
Office space across both towers is fully leased, according to the release.
CIBC is the anchor tenant at 81 Bay Street and 141 Bay Street, with the balance of the space taken by organizations in financial services, investment, technology, professional services, and other industries. The first tower, 81 Bay Street, opened in 2021.
The campus connects directly to Union Station, Scotiabank Arena and the PATH network.
La Caisse and Hines also delivered the new Union Station bus terminal, integrated within 81 Bay Street.
Rana Ghorayeb, executive vice-president and head of real estate at La Caisse, said in the release that CIBC SQUARE reflects "long-term partnership" in downtown Toronto.
The project includes "exceptional connectivity" and "world-class design," Ghorayeb said.
The Park, a one-acre green space four storeys above street level, links the two towers above the rail corridor and is described in the release as the first elevated park of its kind in Canada.
It carries landscaped green space, seating and year-round programming for tenants and the broader Toronto community.
Steve Luthman, global head of real estate at Hines, said in the release that CIBC SQUARE is a "long-term investment that required conviction, partnership, and execution through multiple cycles."
The property is "fully leased," he said, and reflects Hines' "long-term commitment to Toronto and Canada."
