Menkes Developments Ltd. and Healthcare of Ontario Pension Plan (HOOPP) broke ground today on a new landmark office tower in downtown Toronto called One York Street. Designed by Sweeny Sterling Finlayson & Co. Architects, the 35-storey office tower will feature approximately 800,000 square feet of Class “AAA” office space.
Located at the northeast corner of York and Harbour Streets in the Southcore Financial District, it will provide an enclosed pedestrian link to the Air Canada Centre, accessing Union Station and the PATH network. The tower is pursuing LEED Platinum certification through several design features, including being connected to the Enwave deep lake water cooling system which uses water from Lake Ontario for air-conditioning.
“Over the past five years, the area south of Union Station has become the most desirable node for new office development in Toronto,” said Peter Menkes, president of the Commercial/Industrial Division of Menkes. “And it’s no surprise, with the revitalization of Union Station, great amenities, and proximity to a young, talented workforce of downtown condo dwellers, Canadian companies are recognizing that this location represents an excellent alternative to the traditional financial core.”
With an estimated construction cost of $375 million, One York Street is being developed by Menkes and HOOPP Realty Inc. HOOPP will also be a tenant of the building, leasing approximately 132,000 square feet or 17 per cent of the total rentable area. The lead tenant opportunity, which includes prominent building signage, is available.
HOOPP’s president and CEO, Jim Keohane, said real estate is an important asset class for the $40.3 billion pension plan. “Real estate investments provide growth, and steady, regular income, which is ideal for providing pension income to our members.”
One York Street will be part of a larger mixed-use development encompassing approximately two million square feet of density occupying a two-acre site. The office tower will sit atop a four-storey podium containing approximately 200,000 square feet of retail space. Two residential condominium towers of 62 and 66 storeys respectively will also sit on the podium and contain approximately one million square feet of density that will be accessed from Harbour Street.
Details regarding the retail and residential components of the mixed-use development will be announced later this spring. Expected occupancy for One York Street is slated for summer 2016.