CIBC is moving into the Bay Park Centre.
The new Toronto office is located at 81 and 141 Bay Street, and will serve as CIBC’s headquarters and a campus for approximately 15,000 of the bank’s Toronto employees.
Bay Park Centre will begin construction in the spring, and will include state-of-the-art facilities on a 2.9 million square foot space in Toronto’s financial district, across from Union Station and the Air Canada Centre. The new campus will also feature a retail banking presence.
“This agreement is a bold step forward for CIBC as we mark 150 years of serving our clients in Canada and around the world,” says Kevin Patterson, Senior Executive Vice-President, Technology & Operations, in a press release. “Our new home will foster a collaborative environment that will help us drive innovation, simplify our bank and strengthen our client-focused culture as we build the bank of the future. It will also reinforce Toronto’s position as a global financial capital and is an investment in this city as a place to work, live and explore.”
Bay Park Centre is a joint project by Ivanhoé Cambridge and Hines, with design by architects WilkinsonEyre and Adamson Associates. Under the related lease agreement, CIBC will have exclusive naming rights and Ivanhoé Cambridge and Hines will officially rebrand Bay Park Centre under a new CIBC name in the coming months, according to CIBC.
More than 4,000 construction-related jobs are expected to be created over the course of Bay Park Centre’s development, according to Ivanhoé Cambridge and Hines.
Some of the development highlights at the new campus includes:
Wednesday’s announcement builds on the investments that CIBC is making to modernize select banking centres across the country.