La Caisse and Hines Complete CIBC SQUARE, Delivering Fully Leased 3-Million-Square-Foot Toronto Campus

La Caisse, the global investment group formerly known as CDPQ, and Hines, together with long-standing capital partner the National Pension Service of Korea, on Sept. 17 celebrated the completion of 141 Bay Street and the full opening of The Park at CIBC SQUARE — marking the conclusion of a development effort spanning more than a decade in downtown Toronto.

The finished campus at 81 and 141 Bay Street totals approximately three million square feet across two office towers and is fully leased, with CIBC serving as the anchor tenant across both buildings. The project also integrates a new Union Station bus terminal, direct connections to Union Station, Scotiabank Arena, and the PATH network, and a one-acre elevated park spanning the country's busiest rail corridor.

A Decade-Long Development Reaches Full Completion

CIBC SQUARE was conceived and delivered across multiple phases. The first tower, 81 Bay Street, opened in 2021 following a construction timeline that saw Phase I fully pre-leased more than two years ahead of delivery. The tower houses CIBC alongside tenants including Microsoft, the Business Development Bank of Canada, Pollara Strategic Insights, and Crimson Asset Management.

The second tower, 141 Bay Street, completes the campus. The tower reached full lease-up ahead of its completion, with initial tenant occupancy beginning in 2026 and phased move-ins continuing into 2027. The National Pension Service of Korea committed to Phase I in 2016 and Phase II in 2018, providing institutional capital across both stages of the project.

Together, the two towers are leased to CIBC and organizations across financial services, investment, technology, and professional services sectors.

The Park at CIBC SQUARE Opens as Canada's First Elevated Park of Its Kind

The full opening of The Park completes the public realm component of CIBC SQUARE. Situated four stories above street level and spanning one acre, the green space connects the two towers above the Union Station rail corridor — infrastructure that previously divided the Financial Core and the South Core. The Park features landscaped green space, seating, and year-round programming accessible to both tenants and the broader Toronto community.

The elevated park is described as the first of its kind in Canada. Its opening, alongside the completion of 141 Bay Street, positions CIBC SQUARE as a connector between Toronto's Financial Core, South Core, and Waterfront districts.

Partners Cite Demand for Premium, Transit-Connected Office

The full lease-up of both towers comes as tenant demand in major office markets has become increasingly concentrated in well-located, high-quality assets. CIBC SQUARE's direct connections to Union Station — one of Canada's most active transit hubs — along with its amenity programming and public spaces, reflect characteristics that institutional tenants have continued to prioritize.

"CIBC SQUARE reflects a bold ambition for downtown Toronto and demonstrates the value unlocked through long-term partnership, conviction and disciplined execution," said Rana Ghorayeb, Executive Vice-President and Head of Real Estate at La Caisse. "With its exceptional connectivity, world-class design, people-centered amenities and vibrant public spaces, this project sets a new benchmark for the modern office and delivers lasting value for tenants, the city of Toronto and our depositors."

"Across markets globally, we continue to see that some of the strongest real estate is grounded in enduring fundamentals, exceptional quality, and locations that matter to companies and people," said Steve Luthman, Global Head of Real Estate at Hines. "CIBC SQUARE is a powerful example of that — a long-term investment that required conviction, partnership, and execution through multiple cycles, and today is fully leased because it delivers an experience companies continue to value. It also reflects Hines' long-term commitment to Toronto and Canada and our ability to bring global capabilities and relationships together with deep local expertise."

Institutional Partnership Behind the Campus

The project reflects a partnership structure combining La Caisse's long-term institutional capital — the firm reported CAD 552 billion in net assets as of June 30, 2026 — with Hines' development and operational capabilities and NPS's sustained investment across both phases. The National Pension Service of Korea, the world's third-largest pension fund with approximately $1 trillion in assets, partnered with Hines to invest in CIBC SQUARE alongside La Caisse.

Hines manages $91.7 billion in assets globally across property types and operates in 30 countries. The firm's involvement in CIBC SQUARE spans development, leasing, and ongoing operations of the campus.

The completion of CIBC SQUARE adds a fully operational, transit-integrated mixed-use destination to Toronto's Financial Core at a moment when institutional capital and corporate tenants alike are directing attention toward assets that combine scale, connectivity, and public amenity in central urban locations.

Sources

La Caisse — CIBC SQUARE marks completion of landmark Toronto vision (Sept. 17, 2026)