Ivanhoé Cambridge Lands Major Lease Renewal

Ivanhoé Cambridge has closed on one of the largest leasing transactions this year in Montreal’s Class A office building market.

By Adriana Pop, Associate Editor

Montreal, Quebec, Canada – Ivanhoé Cambridge has announced its continued partnership with Business Development Bank of Canada (BDC) at Place Ville Marie, an exceptional 3,384,000-square-foot office and retail complex that ranks as one of the most famous developments in Montreal.

5 Place Ville Marie in Montreal
5 Place Ville Marie in Montreal

Under the new long-term lease, BDC will occupy more than 173,000 square feet at 5 Place Ville Marie. This agreement marks one of the largest leasing transactions this year in Montreal’s Class A office market.

Established at Place Ville Marie since 1994, BDC now plans to bring together all of its employees in a single location and redesign its office space in order to promote collaboration and innovation. This project will also allow BDC to apply for LEED Canada-CI (Commercial Interiors) certification.

Ivanhoé Cambridge is the owner and manager of Place Ville Marie, an architectural gem designed by I.M. Pei (creator of the famous pyramid at the Louvre) and Henry N. Cobb. The famous cruciform high-rise was the largest business complex in the world at the time of its completion in 1962. The 617-foot tower now ranks as the tallest of its kind in Canada and has become an iconic symbol of Montréal’s skyline.

Place Ville Marie in Montreal
Place Ville Marie in Montreal

Place Ville Marie, or PVM, comprises four office towers, an upscale shopping center that has been a fashion reference for more than 50 years , an approximately 900-space indoor parking garage open 24/7, and an expansive public outdoor plaza.

PVM also ranks among Montreal’s best-performing and most energy-efficient buildings. The development earned LEED Silver certification in the EB: O&M (Existing Buildings: Operations & Maintenance) category in January 2015.

An integral part of the PVM complex, 5 Place Ville Marie offers a total of 522,000 square feet of high-quality office space across 18 floors. The building is directly connected to the mall–Galerie Place Ville Marie–and to Montreal’s famous network of underground shops and boutiques.

“We are very proud of this important business relationship with BDC,” said Bernard Poliquin, senior vice president, Office, Quebec, at Ivanhoé Cambridge. “This transaction once again illustrates Place Ville Marie’s strength as the leader in office space in the heart of Montreal’s business district.”

BDC is the first Canadian financial institution to receive B-Corp certification, meeting rigorous standards of social and environmental performance.

Image courtesy of Ivanhoé Cambridge