Wednesday, 30 September 2015

Canadian Pension Funds most Active in New York City Highrise Office Development.


Canadian firms like Oxford Development which is part of the Ontario Municipal Employees pension fund is currently working on a massive project in the Hudson Yards district with about 17 million square feet of office space set to come on board, sometime over the next 5 years. The project includes offices towers as well as prime retail space located over the rail corridor, making it even more attractive and lucrative to potential clients and leases.

In Toronto Ivanhoe Cambridge is currently in development on a bus terminal project at the foot of Bay Street, with Metrolinx. Metrolinx is the provincial transit agency for networks within the Greater Toronto and Hamilton Area. The new multilevel Bay Bus Terminal at 81-141 Bay Street will feature an office tower built on top that will reach nearly 260 meters, making it one of the tallest and most prominent office towers proposed to be built in the core.

Cadillac Fairview is also working on a development nearby on Simcoe Street across from the Metro Convention, this project will also have connections to the underground PATH system of pedestrian networks and connect to the Simcoe Place Development which is also own by Cadillac Fairview.

Another big development currently underway in the core is the massive Bay Adelaide tower complex which is being management by Brookfield Properties, which is a unit of Brookfield Asset Management, which is also running a series of massive construction projects in the Manhattan area.

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