ING DIRECT Canada consolidates operations at technology campus

Ivanhoé Cambridge has signed a significant player among Canada's financial institutions, ING DIRECT Canada, to a 10-year lease for office space in Toronto.
The real estate arm of Caisse de dépôt et placement du Québec, one of the world's largest pension funds, said ING will consolidate its operations as a long-term tenant for part of the company's Steeles Technology Campus in Toronto.
The lease involves ING's rental of 18,000 square metres (193,000 square feet) of office space in the campus, a premier suburban office complex located north of downtown.
The long-term lease for ING DIRECT will also raise the profile for the complex, where Ivanhoe Cambridge is looking for a major tenant to anchor a third tower.
With the consolidation, the financial company which was already leasing at Steeles Technology Campus will increase its footprint by about 75 per cent by adding about 8,000 square metres in additional space.
“We are very pleased with this decision by ING DIRECT Canada,” said Nadim Hanna, Ivanhoé Cambridge’s Vice President, Asset Management. “As well, the signing of a 10-year agreement including a significant expansion of the existing premises is an acknowledgement of the exceptional quality of the building and the high level of services ING DIRECT Canada has received from Ivanhoé Cambridge and our building manager, Bentall Kennedy. It also demonstrates ING Direct’s confidence in us.”

Followed acquisition by Scotiabank
This transaction followed Scotiabank’s acquisition of ING DIRECT Canada, associating ING with one of Canada's major chartered banks. The lease was concluded by Ivanhoé Cambridge’s asset management team.
ING DIRECT Canada, which was already a major tenant of the Steeles Technology Campus, will continue to operate as a separate and distinct wholly owned subsidiary of the bank, Ivanoé Cambridge said in a release. Company management said the property is an excellent place for the firm to consolidate its Toronto operations.
“It is a high quality building that will support the bank’s dynamic and collaborative culture and will position us well to meet future business needs,” Peter Aceto, the company's President and CEO, said in a release.
For the past eight years, ING DIRECT Canada occupied approximately 10,200 square metres (110,000 square feet) of leasable space in the Steeles Technology Campus. Under the new agreement signed with The Bank of Nova Scotia, ING DIRECT Canada’s operations will be consolidated on floors 5 to 11 of 3389 Steeles Avenue East, with work commencing to fit out the new space this year.
Hopes to double customer base
ING DIRECT hopes to almost double its customer base in Canada with additional products including credit cards and brokerage services, the Canadian Press reported recently.
The campus where they will operate is slightly southeast of Highway 404 but north of downtown Toronto. It features four buildings with 59,000 square metres (636,000 square feet) of leasable space. The site offers the possibility of a future development project depending on market needs.
Ivanhoe Cambridge is looking to grow its office presence in Canada’s largest city, including plans to hold an international design competition to develop its 45 Bay St site near the Air Canada Centre, the Montreal Gazette reported.

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