The work world is changing, and changing fast. Commercial real estate is also changing to adapt to the impacts of new technologies, shifting demographics and accelerated globalization.
Millennials, who will account for at least 35% of the labour force by 2020 (ManpowerGroup), are drawn to work environments that offer flexibility and a rich user experience. If businesses want to attract top talent, they must transform their basic office space into thriving and increasingly connected living environments.
For today’s innovation-minded companies, the traditional office has trickled over to the home, the neighbourhood café and even hotels for the business traveller. The lines between the private and public realms have blurred, and work spaces find themselves adapting to the lifestyles of their occupants.
Similarly, Ivanhoé Cambridge is redefining its office properties to create living spaces that mirror these needs as closely as possible. It accomplishes this by dialling up the properties’ architectural and esthetic qualities and turning them into places of inspiration, where efficiency, creativity and collaboration are valued above all else.
The Company’s new buildings comply with the latest real estate industry standards, such as the WiredScore program for connectivity and the WELL program for health and wellness. Its projects are also designed to integrate seamlessly into the surrounding cityscape and are particularly favourable to active commuting and public transit.
In 2017, Ivanhoé Cambridge broke ground on two large-scale developments that represent significant milestones for the Company and confirm its position as a leader in the office development sector.
CIBC Square in Toronto and DUO in Paris are the result of roughly 10 years of meticulous planning and collaboration. They are the embodiment of the urban vision embraced by Ivanhoé Cambridge, its partners, its team of designers and the respective city administrations.
CIBC Square is an ambitious, visionary undertaking that is set to redefine the Toronto skyline and the entire downtown experience. It will undoubtedly become an iconic architectural landmark and one of the city’s premier business addresses.
Chief Development Officer, Office, North America and Vice Chairman
Chief Development Officer, Office, North America and Vice Chairman
Arthur Lloyd is responsible for all development activities for Ivanhoé Cambridge’s Office, North America business unit. Mr. Lloyd has extensive experience with most major real estate asset classes and in most of the major North American markets.
Previously, Mr. Lloyd was the President, Office, North America. He joined SITQ in 2010 as Executive Vice President, Investments, Western North America. Mr. Lloyd began working in the industry in 1985 with Trizec in Calgary and Edmonton as Manager, then Director, of Leasing. In 1989, he was appointed Director of Corporate Development, then, in 1994, he became Vice President of Asset Sales. From 1997 to 2001, he held numerous positions with TrizecHahn Office Properties, including Asset Manager Western Canada and Senior Vice President, Acquisitions, and Asset Sales.
He then joined TGS North American REIT (real estate investment trust), where he served as Executive Vice President, then President and Chief Operating Officer. While at TGS, Mr. Lloyd acquired major office and retail properties in Denver, Dallas and Houston for an initial public offering. Prior to joining SITQ, he was President of Adam Capital Inc., a private venture-capital firm focused on capitalizing and adding value to startups.
Mr. Lloyd is a founding shareholder of Killam Properties Inc. (KMP), of which he has also been a Director since 2000. In addition, he was a Director, Vice Chairman and Chairman of RESL, a private renewable-energy firm, from 2006 to 2008. Mr. Lloyd also served for many years as Chairman of the Calgary East Village Housing Society, a non-profit housing organization that built and operates an apartment complex for low-income residents of Calgary.
Mr. Lloyd has a Bachelor’s Degree in Urban Geography from Saint Mary’s University.
The construction of CIBC Square is the culmination of a journey that began in 2007, when the Company acquired 81 Bay Street, in the heart of Toronto’s central business district. This initial acquisition was followed by several others, including the air rights over the rail corridor that crosses the city centre.
The design of CIBC Square came into being following an international competition to find an approach that made a compelling statement while still blending into the surrounding urban environment. British architects WilkinsonEyre and Toronto’s own Adamson Associates Architects were selected to bring this project to life.
The architectural complex will boast two elegant glass buildings connected by an elevated park over the rail corridor. This one-acre green oasis in the heart of the city will play host to an exciting and enriching array of cultural and recreational events.
The glass structure and open-concept layout will ensure a maximum of natural light in the building’s work spaces and a breathtaking view of Lake Ontario and downtown Toronto. Occupants will also have access to an extensive suite of amenities to promote productivity and quality of life.
Ivanhoé Cambridge and its partner, Hines, have entered into an agreement with Metrolinx, the agency in charge of public transportation for the Greater Toronto Area, to build a GO terminal at the first building. CIBC Square will also be linked to Union Station, the city’s main subway and rail hub. The project, which will exemplify connectivity, comfort and sustainability, is already pre-certified WiredScore Platinum and is also targeting LEED Platinum and WELL certifications.
In April 2017, the initiative took a major step forward when CIBC announced that it had signed a lease to become the complex’s anchor tenant. This marked Canada’s second-largest office leasing deal of all time, covering a potential 1.75 million ft² (163,000 m²).
The first building will be completed in 2020, and the second is slated for a 2023 delivery.
CIBC Square is poised to help Toronto set a new standard in office building quality.
Selected in 2012 as part of an international architectural competition launched by the City of Paris, DUO is the design of Ateliers Jean Nouvel. This avant-garde mixed-use project will help instil this bustling part of the city’s 13th arrondissement with a dynamic, contemporary identity all its own.
The DUO towers will feature intelligent, flexible platforms adapted to new ways of working. Occupants will have access to a full range of amenities directly from their mobile phones.
The first tower will be home to the Natixis business campus. Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE and the second-largest banking player in France. Natixis Assurances became an Ivanhoé Cambridge partner in 2017 when it acquired an equity interest of 50% in the project.
The second tower will feature an upscale hotel — MGallery by Sofitel — and retail space. MGallery’s décor will be entrusted to the prolific designer Philippe Starck, famous for his wow-worthy hotel and other interiors around the world. The complex will also comprise restaurants, a skybar, greenery-filled terraces and a number of amenities open to the public, including a 21,500 ft² (2,000 m²) garden, retail establishments and an auditorium.
Built to the strictest environmental and energy-efficiency standards, the DUO towers are aiming for Effinergie+, HQE and LEED Platinum certification. They have already obtained WELL Platinum pre-certification for their comfort-, health- and wellness-oriented features and are WiredScore Gold — certified.
Today’s workers expect more out of their environment: they want a workplace that nourishes their physical and mental well-being. That is why quality of life is high atop the list in terms of Ivanhoé Cambridge’s strategies for developing next-generation spaces. As a result, it is in a position to support prominent tenants in their efforts to recruit the best and the brightest talent.
Maison Manuvie made quite a splash when it debuted on Montreal’s office scene in 2017. Designed by Montreal-based architects Menkès Shooner Dagenais Letourneux, the AAA building, developed in partnership with Manulife, treats its 1,800 employees to an exceptional work environment.
Flexibility, innovation, efficiency and well-being are the concepts underlying the avant-garde design. The state-of-the-art conference centre can be set up in any configuration imaginable. And the modular spaces make it easy to integrate height-adjustable ergonomic desks and treadmill workstations.
The property-wide floor-to-ceiling windows and open-plan layouts afford a maximum of natural light and breathtaking views of Montreal. Its sleekly designed lounge is a comfortable place to relax and a great backdrop for informal meetings, leading to an outdoor terrace where users can soak up some rays, not to mention the downtown city vibe.
In an effort to encourage active transportation, a bike room has been set up at street level, complete with changing rooms and showers for commuter cyclists. There is also a multitiered parking garage with room for 360 vehicles.
The first property in Quebec to attain WiredScore Platinum certification — a credential reserved for buildings with the most reliable and secure Internet connections, Maison Manuvie also offers its tenants a virtual concierge service known as MIKI for their convenience. It has been built to LEED Core and Shell Gold standards (certification pending).
Other properties in the Company’s portfolio are tailoring their services to meet the needs of innovative businesses. Fairmont The Queen Elizabeth, for example, has become a prime destination for the Montreal business community since the iconic hotel reopened.
In May 2017, the hotel joined forces with C2 to create Espace C2 on the 21st floor, with an adjacent rooftop terrace. Equipped with the newest technology, Espace C2 is the ideal venue for business meetings, conferences and corporate retreats for up to 220 guests.
In early 2017, EY announced its decision to make Maison Manuvie its new home, inspired by the building’s many esthetic and functional amenities. EY’s corporate culture is rooted in its commitment to build a better world for and with its employees. Maison Manuvie’s elegant design, connectivity and flexible, next-generation facilities are a perfect fit for this philosophy. In total, EY’s 750 Montreal employees will have 86,000 ft² (8,000 m²) of brand-new work space to enjoy.
We were looking for a place where our people would go home at the end of the day full of energy and enthusiasm. That’s why we chose Maison Manuvie.
Quebec Managing Partner, EY, and Member of the Order of Canada
In November 2017, Ivanhoé Cambridge proudly announced that Sid Lee would be moving into 1 Place Ville Marie as of early 2019.
Designed by Sid Lee Architecture in collaboration with Ivanhoé Cambridge, the new Sid Lee campus will cater specifically to the creative needs of the agency’s 350 employees by providing them with stimulating work spaces and an exceptional quality of life at work.
In 2017, Ivanhoé Cambridge and RBC Royal Bank signed a long-term agreement that includes significant renovations to the complex’s RBC branch to provide exceptional visibility at street level and in the very popular underground pedestrian network. The remodel will also ensure a modern, state-of-the-art working environment for RBC staff.
Mindful of the many benefits of creating a quality environment for the people who live and work in its properties, Ivanhoé Cambridge sets the bar high for architectural excellence and sees art as a way of making these spaces even more dynamic. For the businesses that occupy its properties, this attention to detail is a definite plus when it comes to recruiting cultural- and trend-savvy millennials and satisfying their thirst for new experiences.
In 2017, Ivanhoé Cambridge began renovating the Place Ville Marie Esplanade, as part of Projet Nouveau Centre, its plan for a revamped downtown Montreal. The initiative is in the very capable hands of Sid Lee Architecture and Menkès Shooner Dagenais Letourneux Architectes. When completed, the new Esplanade will be an animated public plaza open to residents and visitors alike.
Eager to promote the architectural and historical importance of this cherished landmark, the team met with one of Place Ville Marie’s original architects, Henry N. Cobb. “The Esplanade revitalization has been thoughtfully conceived and brilliantly imagined. This work will greatly enhance Place Ville Marie’s contribution to the civic life of Montreal, fulfilling the promise of our original vision and thereby making me enormously happy.”
In November 2017, Fairmont The Queen Elizabeth unveiled its brand new permanent art collection, featuring works from contemporary Quebec and Canadian artists such as Michel de Broin, Patrick Coutu, Nicolas Grenier and Geneviève Cadieux. A joint initiative in collaboration with MASSIVart Collection and Sid Lee Architecture, the collection treats guests to a unique cultural experience and helps make the hotel one of Montreal’s premier art destinations.
Colorimeter, by Montreal artist Rafael Lozano-Hemmer, is a source of added value for Maison Manuvie. Unveiled at the building’s inauguration in November 2017, the interactive installation greets visitors as they enter the lobby. The display is connected to a camera that captures real‑time images and transforms them into a mosaic of perpetually changing colours on a display of more than 500 light panels.
As an owner and property manager, Ivanhoé Cambridge cares about the user experience in its properties. Art enlivens spaces and fuels an exchange of ideas, while creating a sense of community. Investing in art is a way of making a tangible contribution to Quebec’s cultural heritage and our city’s identity.
Corporate Curator, Caisse de dépôt et placement du Québec and Ivanhoé Cambridge
There is a new way to look at work spaces, melding office with rich hospitality characteristics. Quality of life at work is fast becoming the thing we are known for. We are achieving this through both the building’s physical and architectural infrastructure, as well as through the comprehensive array of services and amenities that has become a vital part of the overall value proposition of our offerings. We will continue to develop with this mindset to reflect the heightened role our properties are playing in our tenants’ lives.
Executive Vice President, Leasing, Office and Industrial, North America
Executive Vice President, Leasing, Office and Industrial, North America
Jonathan Pearce is responsible for leasing across Ivanhoe Cambridge’s Office and Industrial platforms in North America. His responsibilities include leasing for all owned (managed and non-managed) office and industrial properties and developments in Canada and the US, and currently comprising more than 46 million square feet in the following markets: Montreal, Toronto, Calgary, Vancouver, Seattle, Los Angeles, Silicon Valley, Denver, Chicago, New York and Boston.
Jonathan H. Pearce has more than 23 years of experience in office leasing and the sale of corporate investment assets in multiple markets, with a strong focus on landlord agency.
Jonathan H. Pearce holds a B.Sc. in Urban Land Economics from Sheffield Hallam University in Sheffield, England, and is a Professional Associate of the Royal Institution of Chartered Surveyors.
In an effort to adapt to the ever-changing needs of high-profile business tenants, Ivanhoé Cambridge is increasingly redefining its office buildings as urban projects where people are welcome to work, naturally, but also to live and play. These mixed-use, community-oriented projects combine retail space, restaurants, meeting facilities, fitness centres and sometimes even hotels and green space.