Construction progress at CIBC Square Phase 2 has reached a significant milestone — the 50-storey office tower at 141 Bay Street, the final component of the CIBC Square development, has officially topped out, marking a major step toward completion. 

Developed by Ivanhoé Cambridge and Hines, 141 Bay Street now stands 241 metres above Downtown Toronto, and mirrors its slightly shorter sister tower at 81 Bay Street, completed in 2021. Together, they form a cohesive architectural statement with prismatic, diamond-patterned façades designed by WilkinsonEyre in collaboration with Adamson Associates Architects. The two towers are connected by a one-acre elevated park that spans the rail corridor, offering public green space and panoramic views of the city.  

141 Bay Street (left) now stands 241 metres above Downtown Toronto, and mirrors its slightly shorter sister tower at 81 Bay Street (right), completed in 2021. Image Credit: Stephen Velasco

"CIBC SQUARE represents the pinnacle of Class AAA office space in the Canadian market, and the topping out of 141 Bay brings us one step closer to completing this innovative project for Toronto,” said Avi Tesciuba, Senior Managing Director, Co-Country Head Canada, Hines. “The pre-leasing success of 141 Bay underscores the demand from occupiers for best-in-class, highly amenitized office space that is close to mass transit. Tenants continue to seek projects that deliver a differentiated, elevated experience to their workforce.”

The construction of 141 Bay Street has included several notable engineering feats. Canam Group, in partnership with EllisDon, fabricated and installed 18,000 metric tons of structural steel, including 12 massive meganodes weighing between 18 to 40 tons each. Due to the site’s tight constraints and proximity to Union Station, much of the steel erection occurred during overnight hours to minimize disruption to train services. 

Additionally, the project also features two new pedestrian bridges over Bay and Yonge Streets, enhancing connectivity to Union Station and surrounding areas.

Canam Group, in partnership with EllisDon, fabricated and installed 18,000 metric tons of structural steel, including 12 massive meganodes weighing between 18 to 40 tons each.Image Credit: Stephen Velasco

With structural framework now complete, interior work is progressing rapidly with the tower over 80% pre-leased. Lead tenant CIBC is leasing over 1.6 million square feet across both towers, consolidating its operations into this centralized location.

"The near completion of 141 Bay is a milestone of CIBC SQUARE’s Phase II, and the pre-leasing highlights the appetite of tenants for premium workspaces,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate CDPQ/Ivanhoé Cambridge. “The topping out of this cutting-edge building is a significant achievement, showcasing our commitment to excellence and our dedication to creating vibrant, sustainable, and transit-oriented spaces that benefit tenants, partners, and the community”.

Rendering of CIBC Square Phase 2, 141 Bay Street.Image courtesy of Hines

As the project moves toward its anticipated completion, CIBC Square has been a transformative development on Toronto’s skyline as one of the largest developments in the city’s history.