TORONTO, ON (April 11, 2019) – Cadillac Fairview (CF) and the Investment Management Corporation of Ontario (on behalf of its client Ontario Pension Board) announced today that TD Bank Group (TD) has signed a long-term lease agreement, which will see TD occupy 840,000 square feet across 33 floors at 160 Front Street West. As part of the transaction, which remains subject to customary closing procedures, TD will take part ownership in the building. For TD, the investment is a strategic decision that reflects the bank's strong balance sheet as well as the long-term outlook for corporate real estate in the downtown core.
“We are pleased to announce that 160 Front Street West is now 100 per cent leased. Closing out our leasing efforts with our long-standing partner, TD, is a significant occasion for our two companies,” said Wayne Barwise, Executive Vice President, Development, Cadillac Fairview. “Together, in 1967 CF and TD took a bet on the Toronto skyline with the opening of Toronto-Dominion Centre, forever changing the intersection of King and Bay Streets. I’m thrilled that over 50 years later we continue to collaborate, grow and innovate together.”
With a significant presence in the new tower, TD has an opportunity to play a unique role in its design and construction. This partnership with Cadillac Fairview will give TD the ability to shape the vision of the interior workspaces and employee environments to drive colleague collaboration and improved workflow across the organization.
"It's not every day that an organization has the chance to design, from the ground up, a new kind of workplace," said Paul Whitehead, SVP Enterprise Real Estate, TD. "The tower at 160 Front Street West will create a free range, open concept campus experience, and reimagine the work experience for our colleagues. This is a key part of our GTA real estate strategy to transform the way our employees work, and updates to support this are already underway at many of our locations in downtown Toronto, including our flagship TD Centre.”
Designed by world renowned Adrian Smith + Gordon Gill Architecture, in collaboration with B+H Architects as the Architect of Record, the building is slated to open in the fall of 2022. TD joins the Ontario Teachers’ Pension Plan as major tenants of the building.
With close proximity to the City’s main transit hub, the office tower features 1.2M square feet of premium office space across 46-storeys, 339 parking stalls, 492 bicycle stalls, and 12,290 square feet of retail space. Incorporating the latest in smart building technology, 160 Front Street West is designed to achieve LEED® Platinum and WELL Building Standard® certifications. Further, once operational, the building will be subject to the standards of CF’s award-winning sustainability program, Green at Work®.
“This project is indicative of our commitment to generating strong results over the long term for our clients through acquiring and developing high-quality assets,” said Brian Whibbs, Managing Director of Real Estate, IMCO. “This is possible when we work with strong and valuable partners like Cadillac Fairview.”
Cadillac Fairview currently has $1.5B of major office projects under development, including the $479 million building at 16 York Street in Toronto, which is a joint project with IMCO, the $200 million BMO Campus at CF Toronto Eaton Centre, and the $60 million revitalization of 2 Queen Street West in Toronto.
About Cadillac Fairview
Cadillac Fairview is one of the largest owners, operators and developers of best-in-class office, retail and mixed-use properties in North America. The Cadillac Fairview portfolio is owned by the Ontario Teachers’ Pension Plan, a diversified global investor which administers the pensions of more than 323,000 active and retired school teachers. The real estate portfolio also includes investments in retail, mixed-use and industrial real estate in Brazil, Colombia and Mexico.
Valued at around $30 billion, the Canadian portfolio includes over 37 million square feet of leasable space at 68 properties in Canada, including landmark developments, such as Toronto-Dominion Centre, CF Toronto Eaton Centre, CF Pacific Centre, CF Chinook Centre, Tour Deloitte and CF Carrefour Laval.
The Investment Management Corporation of Ontario (IMCO) manages a $61.6 billion portfolio that spans multiple asset classes and value-add strategies that are designed to meet the important financial objectives of public sector clients in Ontario. IMCO’s mandate is to provide broader public-sector institutions with investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. IMCO is an independent organization, operating at arm’s length from government and guided by a highly experienced and professional Board of Directors. For more information, visit www.imcoinvest.com and follow us on Twitter @IMCOinvest.
About TD Bank Group
The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on January 31, 2019. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.
TD Bank Group