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Old November 4th, 2009, 07:58 PM   #421
hkskyline
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Bay Adelaide Centre doors open
300,000 square feet of prime office space still in need of tenants

Toronto Star
17 September 2009

Ric Clark is looking for a few good tenants.

The CEO of Brookfield Properties Corp. officially opened Toronto's newest office skyscraper yesterday.

The Bay Adelaide Centre is the first significant development in the financial district in 17 years. Work on the site ground to a halt in 1991 after the economy slowed and now it opens during another challenging era. Vacancy rates are increasing, and more than 3 million square feet of office space are expected to be built in the downtown core by the end of this year.

"It took a while to get here, but we got it done," said Clark, sitting in the lobby of the 51-storey building.

"When we started with the project, we had strong confidence in the economy. The market has obviously changed, but we still believe we have a significant new building that will do extremely well."

The 1.2-million-square-foot tower is 73 per cent leased. Law firm Heenan Blaikie has already moved in, but there are more than 300,000 square feet available to tenants.

Toronto has not been immune to global economic headwinds that started in the financial services sector and it hasn't been a great year for commercial office space.

An office vacancy rate of 5.7 per cent at the end of the first half is expected to increase to 8 per cent by 2011. Rents are down 6.4 per cent compared with the same time last year, according to Colliers International.

However, Clark said there is "a high level of interest" from potential tenants now that the tower has opened.

The top three floors, offering wraparound views of the city, are still available, representing some of the most prestigious space in the core. "We have some tenants who need to see what they're buying - and now they can finally do that," Clark said.

The Bay Adelaide Centre is competing with two other office buildings opening this year: the 1.2-million-square-foot RBC Centre on Wellington St. and the 780,000-square-foot Telus Tower on York St.

Those towers are also looking for tenants and are between 75 and 80 per cent leased.

"The fact that we have all this speculative space coming on the market now is not good," acknowledged Clark.

"But what you're seeing is a migration toward better quality buildings. We don't think we will have any problems based on the level of activity we're seeing. I think what might suffer is the B or lesser-quality segment of the market."

The downturn in the market has meant opportunity as well as adversity for Brookfield. The company became one of the biggest landlords in Manhattan after buying up distressed properties in the 1990s. It hopes to do the same this time around with a $5 billion (U.S.) consortium of investors buying up discounted real estate.

"We aren't expecting lots of opportunities in Canada. It may come, but we've got our eyes open in other areas," said Clark, noting the first acquisition is likely to come in the United States, followed by the United Kingdom.

He also said his consortium is unlikely to take on more investors.

"We want to keep it to a small, well-capitalized group."

Brookfield is also keeping an eye on further development at the Bay Adelaide site. A 43-storey east tower is planned "when the time is right," as well as a north tower with a hotel and condominiums.
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Old November 4th, 2009, 08:18 PM   #422
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One of my favourite projects
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Old November 12th, 2009, 02:04 AM   #423
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Wait,just another box?
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Old November 12th, 2009, 06:03 PM   #424
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Quote:
Originally Posted by TheCanadianEuro View Post
Wait,just another box?
Yes ... downtown Toronto has way too many boxes!
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Old November 12th, 2009, 11:57 PM   #425
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Blasphemy!
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Old November 13th, 2009, 12:16 AM   #426
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Projects in Toronto keep rolling .
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Old November 13th, 2009, 04:22 AM   #427
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Quote:
Originally Posted by TheCanadianEuro View Post
Wait,just another box?
Toronto is far from done with its love for boxes. I wouldn't be surprised if Bay-Adelaide 2 & 3 are boxes as well.
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Old November 13th, 2009, 05:02 AM   #428
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There's nothing wrong with boxes that are well executed. They're timeless.
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Old November 15th, 2009, 04:13 PM   #429
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Bay Adelaide Centre

It was an interesting project to be part of...on to my next adventure ... Trump Tower.
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Old November 15th, 2009, 04:21 PM   #430
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A BOX ?????

LAST TIME I LOOKED A BOX HAD FOR CORNERS... this bldg has 8 outside 90 degree corners and 4 inside 90 degree corners, it was quite the challenge to maintain these 12 corners going up 54 floors..
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Old November 15th, 2009, 04:24 PM   #431
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Quote:
Originally Posted by Man_in_the_mirror View Post
One of my favourite projects
mine too
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Old January 23rd, 2010, 12:05 PM   #432
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Simple beautiful
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Old March 18th, 2010, 03:33 PM   #433
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By barrytron3030 from urbantoronto.ca :

BAC from the 52nd floor of FCP. please excuse the poor quality photo.

image hosted on flickr
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Old March 19th, 2010, 12:48 PM   #434
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Sublime.
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Old March 20th, 2010, 10:30 PM   #435
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Very nice!
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Old March 28th, 2010, 09:08 PM   #436
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Brookfield Properties Corp. Completes 76,000 Square Feet of New Leasing At Bay Adelaide Centre In Toronto
23 March 2010
Reuters

Brookfield Properties Corp. and its Canadian based subsidiary BPO Properties Ltd. announced that it has executed two new leases totaling 76,000 square feet at its newest office building, Bay Adelaide Centre in Toronto. Thomson Reuters will occupy 59,000 square feet and Barclays Capital will occupy 17,000 square feet. Both leases have a 10 year term.
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Old March 29th, 2010, 03:43 AM   #437
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Nice one!
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Old April 19th, 2010, 10:32 PM   #438
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From the Toronto forum

[IMG]http://i39.************/287dvmp.jpg[/IMG]
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Old April 20th, 2010, 02:38 AM   #439
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I consider this tower completed.
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Old August 22nd, 2010, 08:22 PM   #440
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The new KMPG sign is now up on the north side of the Bay Adelaide Centre. Signage will soon be up on the other three sides as well. Here it is fully lit up at night.



Source : http://urbantoronto.ca/content.php?9...it-Up-At-Night
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