CIBC Square’s second 50-storey office tower at 141 Bay Street in downtown Toronto is fully leased and nearing initial occupancy.

La Caisse (formerly CDPQ) and Hines, with long-standing investment support from the National Pension Service of Korea (NPS), announced that the tower is on track to achieve initial occupancy imminently across its low- and mid-rise floors. The complex continues to rank at the upper end of Toronto’s rental market, reflecting strong demand for transit-connected, amenity-rich office space.

“Reaching full lease-up at 141 Bay Street – the final phase of CIBC Square – marks a major milestone and brings to fruition the long-term vision and collaboration that has guided our team and our partners,” said Rana Ghorayeb, executive vice-president and head of real estate at La Caisse. “From the very beginning, we set out to create a transit integrated workplace that elevates the tenant experience through intentional design, strong sustainability commitments, and a people-centric approach. The trust placed in CIBC Square by leading organizations underscores the strength of that vision and the lasting value it delivers to Toronto’s business community.”

The tower will be fully occupied by organizations spanning institutional investment, banking and financial services, legal and professional services, and natural resources and mining. Tenants are expected to begin moving in over the coming weeks, with phased occupancy continuing through 2026 and 2027.

“The CIBC Square investment marks our first direct, ground–up office development under a build–to–core strategy,” said Jun Ahn, global head of the real estate investment division at NPS. “Its strong performance amid a challenging leasing environment highlights the global flight to quality and the resilience of top-tier office assets.

“This outcome reflects our long-term conviction, supported by the expertise and collaboration of our partners, Hines and La Caisse.”

CIBC marked the South Korean organization’s first direct entry into the Canadian marketplace. Kyle Lee, head of the Americas real estate investment team at NPS, said the project showcases the strength of its research-driven approach.

“Identifying those fundamentals early has positioned us to deliver a trophy asset at the right moment,” he said.

Steve Luthman, global head of real estate at Hines, said the full lease-up of 141 Bay is a clear signal of sustained demand for highly amenitized, transit-connected office space in Toronto and globally. Luthman was making a tacit referral to the office sector’s recovery in the wake of the COVID-19 pandemic and the growth of the hybrid-work movement.

“We continue to see strong momentum across our trophy office assets worldwide as occupiers increasingly seek next-generation workplaces,” he said. “Our 15-year partnership with NPS – grounded in shared conviction and discipline–and our collaboration with La Caisse have enabled us to deliver a project that embodies lasting quality and value.”

Designed by WilkinsonEyre and Adamson Associates Architects, the two-tower CIBC Square campus was developed in partnership with Metrolinx to provide direct, enclosed access to Union Station and the PATH network. The project features a conference centre, fitness facilities, bicycle storage and a range of food and beverage options.

A signature feature is The Park at CIBC Square, a one-acre elevated green space spanning the rail corridor and connecting 81 Bay and 141 Bay. The park, which will fully open to the public following final occupancy of 141 Bay later this year, will offer year-round programming, pedestrian connections and amenities including an ice rink. Adjacent to the park, TABLE Fare + Social on the fourth floor of 81 Bay offers a food-hall concept highlighting local cuisine.

The first tower, 81 Bay Street, opened in 2021 and is fully leased to tenants such notable tenants as CIBC, Microsoft and the Business Development Bank of Canada (BDC). The 49-storey building has earned a NAIOP Toronto REX Award for Development of the Year and holds LEED Platinum Core & Shell, WELL Health–Safety Rating and Energy Star certification.

Pictured: CIBC’s Square’s two towers with the CN Tower in the background.