(VANCOUVER) – Demolition started this week of the 15-story former CRA building in Downtown Vancouver’s Central Business District, signaling the start of construction and leasing of 1166 West Pender. This is the first office building to begin construction in the downtown core since the onset of the global pandemic and the first designed for a post-COVID work environment. Vancouver developer Reliance Properties and Hines, the global real estate firm, announced today that EllisDon is the general contractor leading construction and that CBRE will lead leasing.
“With continued growth of the tech sector in Vancouver and steady demand for quality office space, we are confidently proceeding with construction,” said Jon Stovell, president & CEO of Reliance Properties. “We designed 1166 West Pender to be an employee-centric building because we know the office of the future must be a destination to enable companies to effectively recruit and retain high-quality talent.”
Upon completion, 1166 West Pender will be 32 stories and total 344,000 square feet with 12,000-square-foot office floor plates. The tower will be defined by a distinct contemporary architectural expression that is crowned by spacious landscaped outdoor terraces cascading down the building with sweeping views of the mountains and ocean.
“1166 West Pender will be a mark of excellence in many ways,” said Syl Apps, senior managing director for Hines. “Health and wellness are woven through every feature and every floor, providing an environment where people will feel their best and function at their best. The outdoor terraces will be a key draw for top talent and forward-thinking businesses.”
Market-leading amenities include an activated employee lounge and collaboration area, modular conferencing facilities, a professionally managed co-working floor, and a club-quality fitness facility. 1166 West Pender is walking distance to all modes of public transportation – SkyTrain, seaplanes, the sea bus – plus Vancouver’s best dining and entertainment destinations.
“New centrally located office buildings with rich amenities inside and outside – and features like superior air filtration – will be absorbed faster during and after the pandemic,” said Blair Quinn, vice chairman of CBRE, the leasing brokerage for the new tower. “1166 West Pender is exactly the kind of ‘future-proofed’ prestigious AAA office tower that tenants are seeking.”
The development team leveraged Hines’ global expertise as a founding member of the Well Living Lab, which combines design and construction with evidence-based medical and scientific research to achieve an optimal built environment for human health. 1166 West Pender will target WELL, LEED Gold, and WiredScore Platinum certifications.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 285 cities in 28 countries. Hines oversees investment assets under management valued at approximately $90.3 billion¹. In addition, Hines provides third-party property-level services to 373 properties totaling 114.2 million square feet. Historically, Hines has developed, redeveloped or acquired approximately 1,530 properties, totaling over 511 million square feet. The firm currently has more than 198 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a foundational commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. 1. Includes both the global Hines organization as well as RIA AUM as of 31 December 2021