Cadillac Fairview Corp. Ltd. has announced the construction of a new 46-storey office tower on Front Street West in Toronto that will house its owner, the Ontario Teachers’ Pension Plan, as the inaugural tenant.
As a result, Ontario Teachers’ will relocate its head office from North York.
“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 chief executive officer of Ontario Teachers’.
“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.”
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Cadillac Fairview is undertaking the $800-million project, which has a planned opening date of 2022, in conjunction with the Ontario Investment Management Corp. IMCO, whose clients include the Ontario Pension Board, has worked with Cadillac Fairview in the past, including on another office project underway in Toronto and through ownership in existing buildings.
“Investing in real estate is an integral part of our investment strategy because it is well-aligned to Ontario Pension Board’s return objectives,” said Brian Whibbs, managing director for real estate at IMCO.
In other news, the Caisse de dépôt et placement du Québec’s real estate arm, Ivanhoé Cambridge, is partnering with the Cirque du Soleil Entertainment Group to launch the organization’s first indoor family entertainment centre designed for retail locations.
The concept builds on the success of Cirque du Soleil’s Club Med Creactive entertainment centres in Punta Cana, Dominican Republic, and Opio, France. The recreational centres will offer a participatory family experience with a range of recreational activities such as bungee jumping, mask design, juggling, circus track activities and dance, according to a press release.
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“We are thrilled to invest in the first Creactive centre and to work hand-in-hand with Cirque du Soleil to inspire new areas of escape with infinite possibilities,” said Claude Sirois, president of retail at Ivanhoé Cambridge, in the release.
“Creactive is perfectly aligned with our vision for the future of retail: to join forces with the right partners to offer innovative experiences for the benefits of local families and communities. This collaboration is a terrific illustration of our efforts to transform the retail experience for our discerning guests.”
While the first indoor centre is to open in the greater Toronto area in September 2019, Cirque du Soleil is currently in discussions with Ivanhoé Cambridge for additional locations in Canada, as well as with other partners for international markets, the release noted.
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