The Manulife Place class-AA office tower in downtown Edmonton is about to undergo a $45-million series of interior and exterior renovations and improvements as it prepares to welcome its new anchor tenant, Canadian Western Bank, later this year.

Epic Investment Services, which is acting as development manager for building owners Manulife and AIMCo, announced the refurbishment plans Thursday morning. Manulife and AIMCo had announced $30 million of planned upgrades several years ago, but the pandemic put that on hold and today’s announcement updates and expands on the work to be completed.

Much of the project is focused on the podium of the tower, which was completed in 1983.

Manulife Place is a 36-storey highrise at the southwest corner of 102 Ave. NW and 101 St. NW. It comprises 745,000 square feet of office space and has also had about 130,000 square feet of retail - though this space will be reconfigured to accommodate a mix of retail and some of the new features and amenities.

When completed in about 15 to 18 months, the newly-designed lower floors will contain approximately 30,000 square feet of retail space.

Exterior construction has begun

Construction on the exterior portion of the project has begun, including new glazing on the ground and second levels to “refresh the streetscape” and create a new lobby entrance. Inside the building, there will be significant upgrades to the two-storey podium including new flooring, LED lighting and “inviting communal spaces” to improve the experience for both tenants and visitors.

The project will include a revamp of the amenities package, including a club-quality fitness centre, end-of-trip facilities with expanded bike storage, a tenant lounge and a state-of-the-art conference centre.

The building also features a 45,000-square-foot rooftop terrace that provides tenants with a unique urban green space retreat in the heart of the downtown. 

The retail space in the podium will accommodate new food and shop offerings. 

The building will be anchored by Canadian Western Bank, which is joining forces with National Bank of Canada as a result of a recent acquisition. It is slated to start occupying the tower, in stages, later this year.

Canadian Western Bank leased the space when the developers of nearby downtown Edmonton property ICE District decided not to proceed with a planned 16-storey office tower due to an ongoing downturn in the office sector. The subsequent move to Manulife Place was announced in late 2023.

Most of the renovations will be substantially complete before the bank’s staff occupy their space. 

The renovation and leasing team

Epic has compiled a team of service providers to execute the redevelopment, including: 

• DIALOG as the prime consultant and architect; 
• EllisDon as general contractor; 
• and, CBRE as the leasing broker.

Approximately 120,000 square feet of office space remains available for lease in Manulife Place.

The renovations will help the building compete for new tenants in a market that has been slowly, but steadily recovering for the past year or so. Edmonton's citywide vacancy was 20.1 per cent at the end of Q3 2024, while the downtown rate was 21.4 per cent, according to CBRE data. The city's overall trend has been downward.

The renovations and building upgrades focus on adapting to the evolving office market, according to Epic, where tenants increasingly seek engaging experiences in their workplace amid a trend by tenants to occupy quality spaces. It also addresses the shifting retail landscape in downtown Edmonton.

Manulife Place is LEED Gold certified, Gold Wired certified, Fitwel Level 2 certified, Fitwel Viral Response certified, BOMA BEST Platinum certified, Energy Star certified and WELL Certified Gold.

“As downtown Edmonton continues to evolve, including with the expansion of the ICE District, the repositioning of Manulife Place aligns with the city’s growth,” the release from Epic states. “Through this redevelopment, Manulife Place will be reintroduced to the market as a premier address for Edmonton, attracting tenants who will play a key role in shaping the city's future and contribute to its continued transformation.”