Developers Hines and La Caisse have fully leased the 50-storey 141 Bay St. office and commercial tower, the second tower at their downtown Toronto CIBC Square development.

They made the announcement in conjunction with National Pension Service of Korea, an equity partner in the project which holds a 45 per cent stake across the two towers. According to a report in Asia Business Daily, the CIBC Square development involves an investment of approximately $2.36 billion.

141 Bay is the final phase at CIBC Square, alongside a fully leased 49-storey tower which opened in 2021. Together, the two towers introduce approximately three million square feet of space into the downtown market.

"Reaching full lease-up at 141 Bay Street – the final phase of CIBC SQUARE – marks a major milestone and brings to fruition the long-term vision and collaboration that has guided our team and our partners," said Rana Ghorayeb, executive vice-president and head of real estate at La Caisse, in the announcement. "From the very beginning, we set out to create a transit integrated workplace that elevates the tenant experience through intentional design, strong sustainability commitments and a people-centric approach."

The tenant taking the final block of space in 141 Bay has not been identified.

However, other major tenants in the towers include the anchor tenant CIBC which has leased over 1.6 million square feet of space across both towers, as well as the Business Development Bank of Canada, AGF, Boston Consulting and Microsoft.

Leasing at 141 Bay 

The announcement is the latest in a series of major leases in premium downtown office buildings, which continue to benefit from a flight to quality by major employers, plus stricter return-to-office mandates by government and private sector firms.

Office space in the 1.5-million-square-foot 141 Bay had been approximately 80 per cent leased in early 2025, according to a La Caisse spokesperson responding to questions from RENX.

"The full lease-up of 141 Bay Street is a clear signal of sustained demand for highly amenitized, transit-connected office space in Toronto and globally," said Steve Luthman, the global head of real estate at Hines, in the announcement. "We continue to see strong momentum across our trophy office assets worldwide as occupiers increasingly seek next-generation workplaces.”

The first tenants are expected to take initial occupancy in coming weeks, with phased move-ins throughout 2026 and 2027.

Hines and NPS

Hines also discussed its relationship with NPS, which invested in tower one, 81 Bay Street, in 2015 and followed up with its Phase II investment in 2018.

“Our 15-year partnership with NPS – grounded in shared conviction and discipline and our collaboration with La Caisse – have enabled us to deliver a project that embodies lasting quality and value," Luthman said in the announcement.

CIBC Square was the fund’s first investment in such a development outside of Korea. NPS, established in 1987, is the third-largest pension fund in the world with approximately $1 trillion in assets and is the largest investor in South Korea. 

"The CIBC SQUARE investment marks our first direct, ground-up office development under a build-to-core strategy," said Jun Ahn, global head of the real estate investment division at NPS, in the release. "Its strong performance amid a challenging leasing environment highlights the global flight to quality and the resilience of top-tier office assets.

"This outcome reflects our long-term conviction, supported by the expertise and collaboration of our partners, Hines and La Caisse."

The fund invests in alternative investments including private equity, venture capital, real estate and hedge funds. NPS also makes direct investments, operates its own private equity funds and participates in one-off investments with Korean and foreign private equity firms.

The CIBC Square development

Designed by WilkinsonEyre and Adamson Associates Architects, CIBC Square offers direct, enclosed access to Union Station – Canada's busiest transportation hub – and the city’s downtown indoor PATH pedestrian network.

Amenities include a conference centre, fitness facilities, bicycle storage and food and beverage options. The Park at CIBC Square is Toronto's only elevated park built on public infrastructure – a one-acre green space spanning the rail corridor between 81 Bay and 141 Bay. Fully opening to the public upon final occupancy of 141 Bay later this year, the park will offer year-round programming, pedestrian connections and more. TABLE Fare + Social on the fourth floor of 81 Bay delivers a food-hall experience featuring local cuisine.

81 Bay Street has earned a NAIOP Toronto REX Award for Development of the Year and achieved multiple sustainability certifications, including LEED Platinum Core & Shell, the WELL Health-Safety Rating and ENERGY STAR certification.

Hines and La Caisse

La Caisse, formerly known as CDPQ, is an institutional investor on behalf of 48 depositors who represent over six million Quebec residents.

As a global investment group with over six decades of experience, it is active in major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, La Caisse's net assets totalled $496 billion.

Hines is a global real estate investment manager which owns and operates US$91.8 billion of assets across property types and on behalf of a diverse group of institutional and private wealth clients as of June 30, 2025.

It has 4,600 employees in 30 countries who draw on its 68-year history to invest in, develop and manage its portfolio.