Progress continues on Toronto’s CIBC square development

The tallest office tower under construction in Canada is nearing structural completion, as progress continues at 141 Bay Street for the CIBC Square development in Toronto. The tower is part of three linked commercial use sites of 33,000 sq m masterplanned by Tenderstream member WilkinsonEyre for developers Ivanhoé Cambridge and Hines. Adjacent to Union Station on Bay Street, the masterplan provides twin 250m-high towers positioned on opposite sides of the rail corridor and linked at a high level by a sky park.

The overall development integrates with Toronto’s public transport system, providing a new bus terminal for Metrolinx as well as new connections to Union Station, the subway and light rail systems. The first phase began in June 2017 and was completed in 2021, featuring a 54-storey tower and associated podium at 81 Bay Street. The completed building offers approximately 18,580 sq m of trading floors and amenities including a food hall, retail space, conference facilities, and the new bus terminal. 

The lobbies for 141 and 81 Bay Street are designed to provide spectacularly grand spaces that are a first for the Toronto market. Each lobby is 25m high in order to fulfil the objective to connect each tower’s lobby and lift access to the elevated sky park. The design for both towers features a lightly folded glazed façade, creating a diamond pattern that repeats every ten storeys, adding a vertical scale and modulation contrasting with the surrounding buildings. 

Completion on the development is expected this year, with CIBC (Canadian Imperial Bank of Commerce) as the main tenant. 

Lucy Nordberg
Tenderstream Head of Research

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