The City of Vancouver has approved a development permit for Credit Suisse to construct what is being billed as one of Canada’s tallest sustainable office towers. The $200-million venture is the global financial giant’s first real estate investment in British Columbia and first ‘ground up’ real estate development in Canada. Swiss architect Harry Gugger, whose most notable work includes the Bird’s Nest Stadium in Beijing and Tate Modern Gallery in London, has been tapped for the design. It will be the tallest building in Credit Suisse’s portfolio. Construction begins in October with completion targeted for 2017.
“We believe in Vancouver’s economy and its future,” says Credit Suisse’s Herbert Meier, Director of Real Estate Asset Management. “We believe in supporting the City of Vancouver’s vision to become the world’s ‘greenest’ city by 2020.”
The project, dubbed The Exchange, will target LEED Platinum by halving the energy load when compared to traditional office buildings of similar size. In addition, the neighboring Old Stock Exchange building (circa 1929) will be renovated and restored as part of the development, and is aiming to be Canada’s first LEED Platinum heritage conversion.
Credit Suisse is the seventh largest real estate investor in the world, with total real estate assets of CAD 42.35-billion. Its 260-building global real estate portfolio has been greenhouse gas-neutral since 2010.