The second and final tower at Toronto’s CIBC SQUARE has officially reached full lease-up, marking a major milestone for one of the city’s most prominent office developments — and further signalling a bloom in the commercial real estate sphere.
La Caisse and Hines, alongside long-standing investment partner the National Pension Service of Korea (NPS), announced that 141 Bay Street, the 50-storey tower completing the two-building campus, is now fully leased.
Initial occupancy across the low- and mid-rise floors is expected to begin imminently, with tenant move-ins continuing through 2026 and 2027.
“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. She said the project was conceived as a transit-integrated workplace focused on tenant experience, sustainability, and people-centric design.
For NPS, the project represents its first direct, ground-up office development under a build-to-core strategy, as well as its first direct investment in the Canadian market. Jun Ahn, Global Head of the Real Estate Investment Division at NPS, said the tower’s leasing success reflects continued demand for high-quality office space, even amid a challenging market environment. Kyle Lee, Head of Americas Real Estate Investment Team at NPS, added that early identification of strong fundamentals helped position the project to deliver a “trophy asset.”
Hines echoed that sentiment, pointing to broader demand trends for premium, amenity-rich workplaces. Steve Luthman, Global Head of Real Estate at Hines, said occupiers are increasingly gravitating toward next-generation office environments, and noted the firm’s long-standing partnership with NPS and collaboration with La Caisse in delivering the project.
These acknowledgements echo those that were already rippling through the commercial real estate sector earlier this year. In January, Adam Best, Vice President and Sales Representative at Colliers, told STOREYS that much of the increased demand for office space — stemming from provincial return-to-office mandates, specifically — has been concentrated in trophy and upgraded A-class office spaces. That is, newer offices that are rich in amenities and well-located, particularly in the financial core and within close proximity to Union Station (two particular elements that 141 Bay has in spades).
Once occupied, 141 Bay Street will be home to organizations spanning institutional investment, banking and financial services, legal and professional services, and natural resources and mining.
Designed by WilkinsonEyre and Adamson Associates Architects, CIBC SQUARE is a two-tower office campus developed in partnership with Metrolinx. The project features direct, enclosed connections to Union Station and the PATH network.
Beyond office space, the complex includes a range of shared amenities, including a conference centre, fitness facilities, bicycle storage, and food and beverage offerings.
A defining feature of the development is The Park at CIBC SQUARE, a one-acre elevated public park spanning the rail corridor and connecting 81 Bay and 141 Bay. The park is expected to fully open to the public later this year following final occupancy of the second tower and will feature year-round programming, pedestrian connections, and amenities including an ice rink.
The first tower, 81 Bay Street, opened in 2021 and has since been fully leased. It has earned multiple sustainability certifications — including LEED® Platinum Core & Shell, WELL Health-Safety Rating, and ENERGY STAR — and received a NAIOP Toronto REX Award for Development of the Year. Major tenants include CIBC, Microsoft, and the Business Development Bank of Canada.
With files from Teagan Sliz.
