CIBC SQUARE MARKS COMPLETION OF LANDMARK TORONTO VISION

Long-term partnership between La Caisse and Hines delivers a fully leased three-million-square-foot campus, demonstrating an enduring demand for exceptional, highly connected workplaces

TORONTO, Sept. 17, 2026 /CNW/ -- La Caisse (formerly CDPQ), a global investment group, and Hines, a leading global real estate investment manager, with long-standing investment support from the National Pension Service of Korea (NPS), today celebrated the completion of 141 Bay Street and the full opening of The Park at CIBC SQUARE, marking the culmination of more than a decade of investment, development and partnership behind one of downtown Toronto's most significant mixed-use destinations.

Photo credit: DoubleSpacePhoto.

Conceived and delivered across multiple phases and market cycles, CIBC SQUARE reflects La Caisse and Hines' long-term approach and ability to execute a complex urban development through to completion. The three-million-square-foot campus now comprises two next-generation office towers, direct connections to Union Station, Scotiabank Arena and the PATH network, and a one-acre elevated public park above the rail corridor, strengthening connections among Toronto's Financial Core, South Core and Waterfront. The development also delivered and integrated the new Union Station bus terminal within 81 Bay Street, further strengthening the complex's transit connectivity.

The office spaces at 81 Bay Street and 141 Bay Street are fully leased, a significant milestone against a global office backdrop in which demand has become increasingly concentrated in exceptional, well-located assets. The lease-up underscores continued demand for workplaces that combine transit connectivity, high-quality design, premium amenities, vibrant public spaces, and best-in-class operations. CIBC's commitment as the anchor tenant across both 81 Bay Street and 141 Bay Street has also been central to the evolution of CIBC SQUARE and reflects the long-standing partnership behind the campus.

"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."

A Fully Leased Workplace and a New Piece of Toronto's Public Realm

141 Bay Street completes CIBC SQUARE, following the opening of the project's first tower, 81 Bay Street, in 2021. Together, the towers are leased to CIBC and leading organizations across financial services, investment, technology, professional services, and other industries.

The full opening of The Park – the first elevated park of its kind in Canada – completes the one-acre green space connecting CIBC SQUARE's two towers above the country's most active rail corridor. Four stories above street level, The Park bridges infrastructure that once divided the Financial District and the South Core into a new pedestrian connection and gathering place, with landscaped green space, seating and year-round programming for tenants and the broader Toronto community.

Together, the office towers, transit connections and public spaces demonstrate how large-scale urban real estate can create value beyond the buildings themselves -- supporting investors and tenants while contributing new infrastructure, connectivity and public space to the city.

CIBC SQUARE also reflects the complementary strengths that La Caisse, Hines, and NPS have brought to the partnership over more than a decade: long-term institutional capital, global relationships and capabilities, and deep local expertise required to deliver and operate a complex urban destination through its full lifecycle.

For more information on 141 Bay Street and CIBC SQUARE, visit: https://cibcsquare.com/work/141-bay-street/

About La Caisse

La Caisse has invested for over 60 years with a dual mandate: generate optimal long-term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec's economic development.

As a global investment group, La Caisse is active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2026, it held CAD 552 billion in net assets. For more information, visit LaCaisse.com, LinkedIn or Instagram.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

About Hines

Hines is a leading global real estate investment manager. We own and operate $91.7 billion¹ of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 4,600 employees in 30 countries draw on our 69-year history to build the world forward by investing in, developing, and managing some of the world's best real estate. To learn more, visit www.hines.com and follow @Hines on social media.

¹Includes both the global Hines organization and RIA AUM as of December 31, 2025.

About NPS

The National Pension Service (NPS) is a public pension fund in South Korea. It is the third-largest pension fund in the world, with approximately $1 trillion in assets, and the largest institutional investor in South Korea. Established in 1987, NPS aims to contribute to the stable livelihood and welfare of the public by providing pension benefits in the event of old age, disability, or death. NPS invests across a broad range of asset classes, including alternative investments such as private equity, real estate and infrastructure.

NPS partnered with Hines to invest in CIBC SQUARE, alongside La Caisse. NPS initially committed to Phase I (81 Bay Street) in 2016, followed by Phase II (141 Bay Street) in 2018.

For Further Information Contact:
La Caisse: [email protected]
Hines: [email protected]

SOURCE La Caisse