CIBC just inked a deal to anchor Bay Park Centre, a mixed-use urban campus at 81 and 141 Bay St. that will be developed and jointly managed by Ivanhoé Cambridge and Hines.

Bay Park Centre, a 2.9M SF complex across from Union Station and Air Canada Centre, will be CIBC’s new HQ, housing 15,000 of its Toronto-area employees, and the bank will lease up to 1.75M SF total office space in two connected buildings. Construction starts this spring. The first tower is slated for completion in 2020, the second in 2023. CIBC senior executive vice president Kevin Patterson called the agreement a bold step forward for his organization, and said Bay Park Centre will foster a collaborative environment that will help CIBC build the bank of the future. The campus also will have a retail banking centre.

CIBC gets exclusive naming rights at Bay Park Centre, which will be rebranded with a new CIBC name in the coming months. The bank is consolidating much of its Toronto workforce at the campus, one of the last office developments with a Bay Street address. Designed by WilkinsonEyre and Adamson Associates Architects, Bay Park Centre will have a one-acre park elevated above the rail corridor, linking the buildings (both 49 floors), which are designed to meet LEED Platinum, WELL and WiredScore Platinum standards. Offices will have 9-foot, 6-inch ceilings; 12 feet on high-density podium floors.

Ivanhoé and Hines also announced the purchase of 141 Bay St. from Metrolinx, and the developers, in partnership with the transit agency, are undertaking a thorough renovation of the Bay Street East Teamway (connecting to GO Train platforms), along with PATH extensions to the ACC and Union Station (the City of Toronto is providing financial support). The project will include construction of a new GO bus terminal at 81 Bay St. Ivanhoé CEO Daniel Fournier said Bay Park Centre’s strategic location at the confluence of all major transit channels will set it apart as a pre-eminent office complex.