A major pension fund and the province’s largest commercial property manager have joined forces to build a new 25-storey office tower in downtown Vancouver.
On Monday, British Columbia Investment Management Corp. (bcIMC) and Bentall Kennedy unveiled plans for 745 Thurlow, a 400,000-square-foot ‘Triple A’ office tower that will be built to LEED gold standards.
The tower, located at the corner of Thurlow and Alberni streets, will offer a significant new supply of office space in a part of Vancouver that’s experienced low vacancy rates for some time, creating challenging conditions for landlords and tenants alike.
The project is expected to accommodate 2,500 occupants, and include 365,000 square feet of office space and 35,000 square feet of retail space.
“The design is more friendly, personal and responsive to the variety of tenant needs that are specific to Vancouver business,” commented Tony Astles, executive vice president at Bentall Kennedy.
Mayor Gregor Robertson called the deal a “major vote of confidence” in the local economy.
“We’ve worked hard to foster a globally competitive business climate and it’s great that bcIMC and Bentall Kennedy, leaders in sustainable office development, are choosing to invest in our city.”
The first confirmed tenant of the tower is law firm McCarthy Tetrault. The project is expected to be complete in 2015.
Joel McKay
Twitter:jmckaybiv