- EY, Blakes and DLA Piper to anchor the 540,000 sq. ft. LEED Platinum office development which features intricate stacked-box design -
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VANCOUVER, Sept. 26, 2018 /CNW/ - Oxford Properties Group ('Oxford') today announced the launch of 'The Stack' at 1133 Melville in Vancouver's downtown core, a AAA class 540,000 sq. ft. office development. The project is the largest office development currently underway in Vancouver, and is poised to become a remarkable addition to the city's skyline. The building has already attracted pre-leases from a trio of high-quality firms, Ernst & Young LLP ('EY'), Blakes and DLA Piper, which have taken 207,000 sq. ft. of space collectively. With demolition already underway on site, construction is set to start in Q1 2019 for completion in Q1 2022. It will add much needed supply to Vancouver's tight office market, which sits at 4.7% as of Q2 2018, the second lowest of any major market in North America.
Rising 530 feet, the tower will become the tallest commercial tower in downtown Vancouver, and offers tenants unobstructed panoramic views of the city and mountains. Designed in collaboration between James Cheng Architects and Adamson Associates Architects, The Stack's climbing, twisting box design will set a new standard for architectural excellence in Vancouver. To incorporate wellness and community into the design of the building, the office features six outdoor decks, a pocket park and a rooftop patio that is available to all tenants and will offer the finest views in the city. Likewise, the ability to open windows in the lowest box allows for fresh air and creates a connection with the outdoors, which is proven to boost employee wellness and productivity.
"With The Stack now launched, we're adding significant and much-needed new supply to Vancouver's extremely tight office market and to accommodate the city's economic growth," commented Chuck We, Vice President of Office at Oxford. "The Stack is one of the most-forward thinking office projects in Vancouver. Not only does it break new ground by incorporating employee wellness into the fabric of its design through its use of natural light, outdoor space and cycling amenities, we're future-proofing the building with the adoption of Smart Building technology and multi-modal transportation options."
The building is at the forefront of sustainability by targeting LEED Platinum status and is one of only two high-rise towers in Canada to be part of the Net Zero Carbon pilot. To encourage cycling to work and employee wellness, The Stack also features club-quality fitness and cycling facilities, including 250 bike stalls located at ground level, changing rooms and showers with towel service to provide a first-class end of trip experience. The building also features a dedicated drop-off zone with porte-cochère to facilitate passenger delivery via potential ride-sharing providers and, in the future, autonomous vehicles.
With pre-leases in place to EY, Blakes and DLA Piper, the top two boxes of The Stack are now virtually fully leased. The remaining bottom two boxes feature additional ceiling heights and larger floor plates, ranging from 15,000 to 22,000 sq. ft. and have been designed to incorporate the needs of a wide range of tenants including technology, digital media and creative firms.
EY will lease a total of 60,000 sq. ft. across floors 19 to 23. "For leading edge companies, space matters. The Stack is a perfect match for our [email protected] philosophy. Its design allows for our teams to be flexible in how they work and provides a truly unique destination for our people and our clients. Vancouver is a beautiful city with a wonderful lifestyle, and The Stack's design, which blends indoors and outdoors space, really personifies that," commented Fiona Macfarlane, Managing Partner of EY, B.C.
Blakes, one of the world's leading law firms, will occupy floors 31 to 36 for a total of 80,000 sq. ft. "The Stack's innovative features align perfectly with our philosophy to constantly rethink how we serve our clients. The location provides quick access to our downtown clientele, the waterfront, great amenities and is a short walk to transit options. It's going to be the premier business location in the entire city and we're excited to be part of it," commented Bill Maclagan, Managing Partner of the Vancouver office of Blakes.
DLA Piper, the global law firm which is located in over 40 countries, is leasing 67,000 sq. ft. of space at The Stack across floors 24 to 28. Dan MacDougall, COO of DLA Piper Canada commented, "The Stack provides world-class office space and amenities for our people and clients. It will help us reinvent the workplace in the legal industry and assist us to continually attract and retain the best talent in the market."
Both Blakes and DLA Piper were represented by CBRE in their lease negotiations.
The Stack development project is co-owned by Oxford and Canada Pension Plan Investment Board with each holding a 50% stake.
About Oxford Properties Group
Oxford Properties Group is one of the world's premier real estate investment, development and management companies. Established in 1960, Oxford manages approximately $50 billion of real estate assets on behalf of its co-owners and investment partners, with a global portfolio spanning over 60 million square feet. We have offices across Canada and in London, Luxembourg, Boston, Washington DC, New York, San Francisco and Singapore, with regional investment, development and management professionals who have deep real estate expertise and local market insight. Oxford is the global real estate arm of OMERS, the defined benefit pension plan for Ontario's municipal employees.
For more information about our hands-on approach to real estate, visit www.oxfordproperties.com.
SOURCE Oxford Properties Group Inc.