CIBC Square

CIBC Square (known during early stages of development as Bay Park Centre) is an office complex in the South Core neighbourhood of Toronto, Ontario, Canada. The complex, located on Bay Street south of Front Street, is a joint development of Ivanhoé Cambridge and Hines. It serves as the new global operational headquarters for the Canadian Imperial Bank of Commerce (CIBC), consolidating approximately 15,000 staff from several CIBC-tenanted buildings in the Greater Toronto Area, including its existing headquarters at Commerce Court. The complex also includes the Union Station Bus Terminal constructed on behalf of Metrolinx for GO Transit and other inter-city bus services, connected directly to Union Station. The complex will also include a one-acre park elevated over the rail corridor.

Design
The 2900000 sqft complex will consist of two towers to be completed in two phases.

The 49 storey south tower (81 Bay Street) was completed first, built on the site of a parking lot opposite the Scotiabank Arena. This tower includes the Union Station Bus Terminal for regional GO Transit and inter-city bus services, replacing the former terminal on Bay Street. A pedestrian skybridge links the complex to the Scotiabank Arena and Union Station, expanding the PATH walkway system further south below the railway corridor - to the One Yonge Street complex and ultimately to the under-development Sugar Wharf project on the LCBO lands farther east.

The 50 storey north tower (141 Bay Street) will be built on the site of the former GO Transit bus terminal, located behind the Dominion Public Building. The north tower is scheduled for completion in 2024. The base of the towers will be a four-storey podium housing retail space, including a flagship CIBC retail bank branch.

At fourth floor level will be a one-acre, publicly accessible park, elevated over the railway corridor, with varied topography: slopes and hills, horticulture, gardens, shade groves, balconies, and vista areas.

The overall complex was designed by British architects WilkinsonEyre, and Adamson Associates of Toronto.

History
The development is being co-led by Ivanhoé Cambridge and Hines using land acquired from Metrolinx (as well as city-owned Toronto Parking Authority parking lot), and designed by British architectural firm WilkinsonEyre and Adamson Associates of Toronto. Ivanhoe Cambridge bought 81 Bay Street (formerly 45 Bay Street) in 2007 and later acquired additional land and air rights over the rail corridor. In September 2014, Ivanhoe agreed with Metrolinx to build the new GO Bus Terminal at 81 Bay Street.

CIBC was announced as the anchor tenant of the south tower (81 Bay Street) in April 2017, with construction beginning in June 2017. The south tower was scheduled to open in 2020 but was delayed until summer 2021. The Union Station Bus Terminal opened in December 2020.

Construction on the north tower began in March 2021.

Key tenants
CIBC is the primary tenant of the complex with 1750000 sqft or 60% of the leasable space. Boston Consulting Group will occupy approximately 85000 ft2 for its Canadian headquarters.

Microsoft Canada has moved into a 132000 ft2 facility for its Canadian headquarters at 81 Bay Street from 1950 Meadowvale Boulevard in Mississauga. The Union Station Bus Terminal is located in the south tower of the new complex. It replaced a previous bus terminal located on the site where the north tower will be built. Unknown is the fate of the former CP Express & Transport Building dock door and limestone facade, which was incorporated into the previous GO bus terminal.