For years Bay Adelaide Centre site stood stalled as a monument to the 1990s recession before construction was restarted in 2006. Now, a second tower will spring out of these once blighted foundations in a Toronto that '90s investors could only have dreamed of.
A new 980,000-square-foot, 44-storey tower was announced by developer Brookfield
last week, a companion to the 51-storey tower that opened in 2009. Anchor tenant, Deloitte
, is signed on to take about 419,000 square feet. The move that will consolidate all the professional services firm's downtown Toronto space into one address.
“Strong fundamentals and low vacancy in Toronto’s financial core signify the market’s willingness to support new office development,” Jan Sucharda, president and CEO of Brookfield Canada, told The Globe and Mail
Office vacancy is so low, in fact, that Brookfield is already looking for a lead tenant for a potential third tower on the same site.
Deloitte's real estate executive Sheila Botting expects staff to be able to move in by the end of 2015.
Writer: Bert Archer
Source: Sheila Botting