Hines and Ivanhoé Cambridge are nearing completion on the CIBC Square office complex in downtown Toronto.

The partners have completed the topping out of 141 Bay Street, marking a major milestone for CIBC Square’s second tower and final phase. The 50-story tower is the last component of the three-million-square-foot development.

With structural steel work nearing completion, the property is now 80% preleased to institutional-grade firms, including CIBC, which is occupying about 1.6 msf across both towers.

“CIBC Square represents the pinnacle of Class AAA office space in the Canadian market, and the topping out of 141 Bay brings us one step closer to completing this innovative project for Toronto,” said Avi Tesciuba, senior managing director and co-head for Canada for Houston-based Hines. “The preleasing success of 141 Bay underscores the demand from occupiers for best-in-class, highly amenitized office space that is close to mass transit.”

Rana Ghorayeb, executive vice-president and head of real Estate for Ivanhoé Cambridge and the Caisse de dépôt et placement du Québec, said the strong preleasing activity “highlights the appetite of tenants for premium workspaces.”

Ivanhoé Cambridge is the Caisse’s real estate arm.

Designed by WilkinsonEyre and Adamson Associates Architects, CIBC Square features a diamond-patterned glazed façade that contrasts with the Toronto skyline. Situated next to Union Station, 141 Bay Street will provide direct enclosed pedestrian access to the station and the Path network.

The development includes a conference centre, fitness facilities, bicycle storage, and a variety of food and beverage options. A standout feature is the one-acre elevated park spanning the rail corridor, connecting the fourth floors of both towers. Once 141 Bay is completed, the park will be fully open to the public, year-round and include an ice rink and views of Toronto’s landmarks.

The first tower, 81 Bay Street, opened in 2021 and has won NAIOP Toronto REX Awards for Development of the Year. It is fully leased to major tenants, including Microsoft, and the Business Development Bank of Canada.

CIBC Square is certified Platinum across LEED, WiredScore, and WELL Building Standards.