Deloitte Canada will move its Vancouver office to one of the most innovative and distinctive new developments in the city, the downtown 400W. Georgia tower being financed by Allied Properties REIT (AP-UN-T) and now being built by Westbank Corp.
400W. Georgia is a mixed-use project comprising workspace and retail, on the corner of Georgia and Homer Streets. Deloitte will be the anchor tenant, expanding its presence in Vancouver by leasing approximately 117,000 square feet of space on the top 10 floors.
Allied will acquire an undivided 50 per cent interest in the property at cost upon placement of permanent mortgage financing.
Scheduled for completion in 2020, the building will be a distinctive urban structure in an emerging part of Vancouver’s downtown and in relatively close proximity to Allied’s Yaletown portfolio.
The lease term is 15 years commencing in late 2020 and represents 33 per cent of the total GLA in the building. Westbank is working toward finalizing leases with two other “high-calibre tenants” for 165,000 square feet of GLA, which would bring the leased area to approximately 80 per cent.
“With a view to fostering human wellness, diversity and creativity, Westbank is creating transformative workspace at 400W. Georgia,” said Michael Emory, president & CEO of Allied, in a prepared statement. “As an innovative and enlightened user of workspace across Canada, Deloitte is an ideal collaborator for Westbank and Allied in this city-building initiative.”
400W. Georgia a living sculpture
Designed by Japanese architectural firm OSO, with local architects Merrick Architecture, 400W. Georgia is envisioned as a living sculpture featuring external greenery and vertical gardens enveloping a staggered aesthetic of stacked glass cubes.
Deloitte will create what it calls an innovative and distinctive destination. The new office is part of Deloitte’s national strategy to reimagine its workplaces, using design and technology to remove physical barriers.
“400W. Georgia is a game-changing development and we’re proud to be collaborating with Allied and Westbank to set a new standard for workspaces in Vancouver,” said Etienne Bruson, managing partner for Deloitte Canada in B.C. in a release.
“We want to create unique, inclusive destinations for our people, clients, and community right across the country. 400W. Georgia pushes the traditional boundaries of office design to create something truly distinctive and innovative.
“We’re looking forward to moving in.”
The office will feature glass floors overlooking the city, roof terraces under overhanging volumes, vertical gardens framing views of the mountains and the largest rooftop amenity in Vancouver.
“The character of the work space at 400W. Georgia is designed to be open, fluid, flexible, but also diverse,” said Michael Sypkens of OSO in the release. “This new, creative work environment elicits collaboration, creativity, and spontaneity.
“Here, the boxes create natural compartments within a continuous floorplate, allowing offices to be variously partitioned while also staying close to the façade. The floors and ceilings of the cantilevering portions are glazed to visually link the garden, the offices, and the street below.
“The resulting diversity of spaces is complimented by the diversity of views, whose orientation is not only horizontal, but also vertical.”
400W. Georgia is being constructed in close proximity to transit, with the planned new Vancouver Art Gallery, the redevelopment of Canada Post, and the redevelopment of 720 Beatty all in the surrounding area.
Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500 companies through a network of member firms in more than 150 countries and territories.
Deloitte LLP is the Canadian member firm of Deloitte Touche Tohmatsu Limited, which is a network of member firms, each of which is a legally separate and independent entity.
Allied Properties REIT is a leading owner, manager and developer of urban office environments operating in Canada’s major cities. Allied’s objectives are to provide stable and growing cash distributions to unitholders and to maximize unitholder value through effective management and accretive portfolio growth.
Westbank is active across Canada and in the United States, with projects including residential, hotels, retail, office, rental, district energy, affordable housing and public art.
Established in 1992, Westbank is one of North America’s leading developers, with offices in Vancouver, Toronto, Seattle and Tokyo, and more than $25 billion of projects completed or under development.