Milestone Underscores the Enduring Value of Premium Office Assets
La Caisse (formerly CDPQ), a global investment group, and Hines, a leading global real estate investment manager, with long-standing investment support from the National Pension Service of Korea (NPS), today announced that 141 Bay Street – CIBC SQUARE’s 50-storey second tower – is fully leased and on track to imminently achieve initial occupancy across its low- and mid-rise floors. As Canada’s premier office complex, CIBC SQUARE continues to rank at the upper end of Toronto’s rental market, reflecting its unmatched connectivity and best–in–class workplace experience.
“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 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.”
Kyle Lee, Head of Americas Real Estate Investment Team at NPS, adds: “As our first direct entry into the Canadian market, CIBC SQUARE showcases the strength of our research-driven approach. Identifying those fundamentals early has positioned us to deliver a trophy asset at the right moment.”
“The full lease up of 141 Bay Street is a clear signal of sustained demand for highly amenitized, transit-connected office space in Toronto and globally,” said Steve Luthman, Global Head of Real Estate at Hines. “We continue to see strong momentum across our trophy office assets worldwide as occupiers increasingly seek next-generation workplaces. 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.”
141 Bay Street will be fully occupied by leading organizations across a diverse set of sectors, including institutional investment, banking and financial services, legal & professional services, and natural resources & mining. Tenants are expected to take initial occupancy in the coming weeks, with phased move-ins planned throughout 2026 and 2027.
Setting a New Benchmark for the Modern Office
Designed by WilkinsonEyre and Adamson Associates Architects, CIBC SQUARE has set a new benchmark for premium office environments in Canada. The two–tower campus is also a leading example of public–private collaboration through its long–standing partnership with Metrolinx, enabling seamless transit integration and establishing the development as Toronto’s most connected commercial address. With direct, enclosed access to Union Station—Canada’s busiest transportation hub—and the PATH network, CIBC SQUARE offers unparalleled convenience for tenants and visitors.
It also serves as a community hub, featuring state-of-the-art spaces and amenities, including a conference centre, fitness facilities, bicycle storage, and diverse food and beverage options. Among its most distinctive features is The Park at CIBC SQUARE—Toronto’s only elevated park built on public infrastructure and the first of its kind in Canada—a one–acre green space that spans the rail corridor and seamlessly connects 81 Bay and 141 Bay. Fully opening to the public upon final occupancy of 141 Bay later this year, the park will offer year–round programming, pedestrian connections, and dynamic amenities, such as an ice rink, contributing meaningful vibrancy to Toronto’s downtown core. Adjacent to the park, TABLE Fare + Social on the fourth floor of 81 Bay delivers an activated food–hall experience featuring distinctive local cuisine.
The first tower, 81 Bay Street, opened in 2021 and has since been recognized as one of Toronto’s leading office properties, earning a NAIOP Toronto REX Award for Development of the Year. It has also achieved multiple sustainability certifications, including LEED® Platinum Core & Shell, the WELL Health–Safety Rating, and ENERGY STAR certification. The 49–storey tower is fully leased to major tenants including CIBC, Microsoft, and the Business Development Bank of Canada (BDC).
For more information on 141 Bay Street and CIBC SQUARE, visit: https://cibcsquare.com/work/141-bay-street/
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