The Ontario Pension Board and its partner Cadillac Fairview are set to begin construction of a new 32-storey office tower at 16 York St. in Toronto.
The building, comprising 879,000 square feet of first-class office space, three underground parking levels with nearly 300 parking stalls and ground level retail space, is slated to open June 1, 2020.
“We continue to focus on acquiring real estate assets with innovative designs and leading sustainability features that align with our long-term investment horizon,” said Mark Fuller, president and chief executive officer of the Ontario Pension Board. “We are confident that 16 York will attract prime tenants and will provide us with an excellent return on our investment.”
The office tower will be built to LEED platinum specifications and will target WELL certification, the standard for tenant well-being, comfort and efficient operation. It will also include a one-acre green roof, an expansive courtyard adjacent to the building and a connection to the city’s downtown PATH system.
“CF is moving forward with 16 York without any pre-leasing because of compelling market conditions and the superior qualities of the building and its location,” said Wayne Barwise, Cadillac Fairview’s executive vice-president of development. “Toronto’s class A vacancy rate of four per cent is among the lowest in North America and tenants are seeking the benefits that 16 York offers, including sustainability, efficiency, building intelligence, access to major transit options and local amenities.”
The Ontario Pension Board and Cadillac Fairview also co-own Toronto’s RBC Centre and Toronto-Dominion Centre, as well as a future development site on Front Street. In January of this year, Cadillac Fairview reached an agreement to sell a 50 per cent interest in its Vancouver portfolio to the Ontario Pension Board and its partner, the Workplace Safety and Insurance Board.