September 30, 2014
Torys acted as counsel to Metrolinx in the development of the new GO Transit Bus Terminal as part of a mixed-use project with Ivanhoé Cambridge, Inc. at 81-141 Bay Street in Toronto, Ontario, including the sale of its real property at 141 Bay Street and related leaseback and long term lease arrangements.
Photo courtesy of Ivanhoé Cambridge, Inc.
|Client Role:||Public Authority|
The brand new GO Bus Terminal, located at the base of Ivanhoé Cambridge’s and Hines’ office complex development “CIBC SQUARE” at 81/141 Bay Street, will be a significant piece of the complex development currently under construction. CIBC SQUARE will be Toronto’s new premium office complex that will include almost 3 million square feet of office space. An important public benefit of the project is a landscaped, public park over the rail corridor, which will provide access to the PATH, Toronto’s 29 kilometre (18 mi) network of pedestrian tunnels beneath the downtown core.
On September 30, 2014, Metrolinx signed an agreement with real estate investor and developer Ivanhoé Cambridge, to develop the integrated transit and office development that will bring bus and rail services to one location, allowing for more transit options and an improved experience.
Construction is under way and the delivery of the first office tower and the new GO Bus Terminal is scheduled for 2020, with the delivery of the second office tower following in 2023.
Further information can be found on Metrolinx’s website.
Torys represented Metrolinx with a team that included Sabrina Gherbaz, Mark Bain, Sarah Crowe, Christie Kneteman and Graeme Murray.