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45-521: Upon completion, the Bay Adelaide Centre will consist of three towers. The first tower, Bay Adelaide West, was completed in 2009 with a floor area of 108,000 square metres (1,160,000 sq ft) and a height of 218 metres (715 ft) or 51 storeys. It is located on the northeast corner of Bay Street and Adelaide Street West . The second tower, Bay Adelaide East, has a floor area of 91,045 square metres (980,000 sq ft) and

90-537: A 115,000 square foot Doral warehouse at 1500 Northwest 95th Avenue for $ 16 million. In January 2023, Brookfield Properties purchased subsidiaries from Deutsche Bank A.G., acquiring Deutsche Bank's London and New York offices. In February 2024, the company opened offices in India and the UAE. The company is the owner of Zuccotti Park , a publicly accessible park adjacent to one of its office buildings near Wall Street in

135-461: A 25% interest in O&;Y Properties Corporation and O&Y Real Estate Investment Trust, expanding the company's real estate portfolio in four Canadian cities. In 2006, the company acquired Trizec Properties, which was founded in 1960 by William Zeckendorf , builder of Place Ville Marie . In 2010, it entered into London and Australian markets by acquiring the 100 Bishopsgate development site in

180-685: A 33% interest in Olympia & York Developments Ltd. , developers of the World Financial Center in New York, and in 1990, Brookfield acquired a 50% interest in a portfolio of office properties in Toronto, Denver and Minneapolis from BCE Development Corporation . In 1994, this holding was increased to 100% and included BCE Place, now Brookfield Place, Brookfield Properties' flagship office complex in Toronto. In 1996, Carena acquired

225-677: A 46% interest in World Financial Properties, a corporation formed from the bankruptcy of Olympia & York, which included three of the four towers of the World Financial Center, One Liberty Plaza , 245 Park Avenue in Manhattan. That year, Carena changed its name to Brookfield Properties Corporation. In 1997, Brookfield Properties purchased 45% of Gentra, Inc., owner of several commercial properties in Toronto. In 2000, Brookfield Properties acquired

270-460: A 49% interest in each of three former GGP super-regional malls to CBRE Group , and a 49% interest in three other former GGP malls to TIAA subsidiary Nuveen , seeking additional joint ventures for its newly acquired malls. The acquisition added 162 shopping malls comprising approximately 146 million sq ft (13.6 million m ) of gross leasable area to Brookfield's portfolio. In December 2018, Brookfield Properties took over

315-461: A Bay Street banker's heart", was a term of opprobrium especially among Prairie farmers who feared that Toronto-based financial interests were hurting them. Within the legal profession, the term Bay Street is also used colloquially to refer to the large, full-service business law firms of Toronto. The intersection of Bay and King Street is often seen as the centre of Canadian banking and finance. Four of Canada's five major banks have office towers at

360-402: A height of 44 storeys. Located mid-block between Adelaide Street West and Temperance Street, the tower has a 6-storey podium extending to the northwest corner of Yonge Street and Adelaide Street West. The third tower, Bay Adelaide North has a floor area of approximately 46,450 square metres (500,000 sq ft) and a height of 28 to 32 storeys. Unlike the two other towers in the complex,

405-586: A heritage building under the Ontario Heritage Act (Part IV). By December 2006, dismantling of the service shaft stump was complete. Construction of the PATH tunnel north from Scotia Plaza through the Bay Adelaide Centre started in fall 2007. Completion of this section closed the last remaining gap in the north–south route through PATH that parallels Yonge Street, thus eliminating the need to double back from Bay Street to get between buildings located on

450-512: A mobile app aimed to communicate directly with tenants in the building. Bay Street Bay Street is a major thoroughfare in Downtown Toronto , Ontario , Canada. It is the centre of Toronto 's Financial District and is often used by metonymy to refer to Canada's financial services industry since succeeding Montreal 's St. James Street in that role in the 1970s. Bay Street begins at Queens Quay ( Toronto Harbour ) in

495-808: A portfolio of Calgary office properties, including the Bankers Hall complex. In April 2001, the company lost out to Silverstein Properties, Inc. , on the lease of the World Trade Center in New York City before the complex was destroyed during the September 11 attacks . In 2003, Brookfield Properties completed the spin-off of Brookfield Homes, now part of Brookfield Residential , Brookfield Asset Management's U.S.-based home building business. In 2005, Brookfield Properties acquired

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540-474: A surface on which to mount advertisements. The exterior of the stump of the building was depicted as a nightclub in the opening scene of the 1996 comedy film Kids in the Hall: Brain Candy . There were several attempts to revive the project. In 1998 TrizecHahn briefly revived it, but another shift in the economy caused them to again pause. In 2000 there was again talk of reviving the project, but

585-472: Is a curve in Bay Street. North of College past Grenville Street to Breadalbane Street was St. Vincent Street, which was later bypassed with new alignment to the west leading to a stub now called St. Vincent Lane from Grosvenor Street to Grenville Street. The street was originally known as Bear Street because of frequent bear sightings in the early history of Toronto. It was renamed Bay Street in 1797 from

630-520: Is a subsidiary of alternative asset management company Brookfield Asset Management . It is responsible for the asset management of the company's real estate portfolio, including office , multi-family residential , retail , hospitality , and logistics buildings. Brookfield Properties acquired General Growth Properties , one of the largest mall operators in the U.S., and merged it into Brookfield Properties in 2018. As of 2024, Brookfield Properties operates corporate offices in nine countries around

675-473: Is also a four-level underground garage under the complex, with vehicular access from both Adelaide Street West and Richmond Street West. There is a 0.2-hectare (0.49-acre) public space, Arnell Plaza, located between Bay Adelaide West and Bay Adelaide East. Although Arnell Plaza is privately owned, public access has been legally secured by the City of Toronto. Cloud Gardens , a 0.24-hectare (0.59-acre) public park,

720-515: Is defined by Dundas Street to the south and Bloor/Yorkville to the north and crosses through Toronto's Discovery District . Another prominent intersection is the one nearest Yorkville at Bay and Bloor , the centre of an expensive shopping district known as Mink Mile . The area attracts many who work in the financial district and those who work in the Discovery District, nearby hospitals and schools (Toronto Metropolitan University and

765-573: Is located immediately to the east of the Bay Adelaide North site on land conveyed to the City of Toronto as a condition of the original development approvals for the complex. The complex's mechanical facilities are located in a four-storey above-grade building on the southwest corner of Yonge and Temperance Streets, with retail uses to be constructed at grade as part of the Bay Adelaide East construction. In order to accommodate

810-653: Is the location of the Toronto Transit Commission 's Bay subway station , toward the north end of the central business district. From its 1931 opening until its 2021 decommissioning, intercity bus service was also provided at the Toronto Coach Terminal on Bay slightly north of Dundas. Significant condominium development on Bay, north of the financial district, boomed during the 1990s and construction continues on large, 40-plus storey condominiums and multi-use buildings today. The area

855-590: The Imperial Bank has been part of CIBC and the Bank of Nova Scotia has rebranded itself, so this nickname is no longer widely used. The core cluster of towers has crept north with the addition of the 50-storey Bay Adelaide Centre and the St. Regis Hotel . The Union Station rail, subway, and bus hub partly fronts on Bay at Front, toward the south end of the central business district. The intersection of Bay and Bloor

900-570: The Manhattan borough of New York City, that in September 2011 became a site of protests by Occupy Wall Street . On October 11, 2011, Richard Clark, the company's CEO, sent a letter to NYC Police Commissioner Raymond Kelly requesting to "clear the park" as its use by Occupy Wall Street "violates the law, violates the rules of the Park, deprives the community of its rights of quiet enjoyment to

945-673: The Montreal Maroons and Montreal Canadiens National Hockey League franchises; from 1935 to 1957, the company also owned the Canadiens. The company was acquired by Edper Investments in 1970. During the 1970s, when the company was known as Carena Properties, it expanded its business into commercial real estate. After the Montreal Forum closed, the Forum was sold to competitor Canderel Properties. In 1989, Carena acquired

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990-696: The City of London and 16 properties encompassing 8 million SF in three major Australian cities. On Earth Day on April 22, 2010, the company was listed as one of Canada's "The Green 30" Organizations Based On Eco-Friendly Programs and Practices based on an employee poll. In 2011, Brookfield Properties divested its residential group consisting of Carma Developers and Brookfield Homes (Ontario) Ltd. to merge with Brookfield Homes Corporation to form Brookfield Residential Properties Inc. That same year, Brookfield Properties changed its name to Brookfield Office Properties to reflect its focus on commercial office properties. In 2013, Brookfield Office Properties Inc. became

1035-718: The Toronto Stock Exchange as of June 10, 2014, and from the New York Stock Exchange on June 20, 2014. Brookfield Property Partners is now the sole owner of all of the issued and outstanding common shares of BPO. In January 2016, Brookfield Properties purchased KIC, along with KIC's Berlin office. On August 28, 2018, Brookfield Property Partners acquired Chicago-based real estate investment trust and shopping mall operator GGP Inc. (General Growth Properties), and merged its assets into Brookfield Properties, for $ 9 billion. Brookfield immediately sold

1080-479: The University of Toronto). More than 67 per cent (or 10,380) of residents in this area are in the working ages of 25–64, significantly higher than the City of Toronto's average of 58%. Notable buildings include: Bay Street is served by the route 19 Bay , which is one of few bus routes exclusively serving Downtown Toronto. Bay Street used to be served by streetcars lines , which were gradually phased out after

1125-465: The anchor tenant. In August 2018, Brookfield announced that it planned to commence construction of Bay Adelaide North at 32 storeys and 76,180 square metres (820,000 sq ft), with Scotiabank as the anchor tenant. The North tower will complete the three-million-square-foot Bay Adelaide Centre campus. The development achieved LEED ( Leadership in Energy and Environmental Design ) Gold status for

1170-430: The boom years of the 1980s, when a number of massive towers were built nearby, such as Scotia Plaza. The building caused considerable controversy among those opposed to the erection of such massive structures. The tower would have stood far higher than was allowed by the city's official plan. To gain city hall's approval, the developers committed some $ 80 million towards new social housing and other projects. A portion of

1215-479: The construction of the Bay Adelaide East podium, the historic facades of the former Elgin Block, constructed in 1850 and 1910 and once occupied by Holt Renfrew , were disassembled, refurbished and reconstructed as the facade of the mechanical facility building. Both Bay Adelaide West and Bay Adelaide East are designed in a modernist style, although the historic north and west facades of the former National Building at

1260-432: The corner of Bay and Temperance Streets, completed in 1926, has been incorporated into Bay Adelaide West. The first tower development on the site was a joint project by Markborough Properties and TrizecHahn : a 57-storey office tower to be constructed at the corner of Bay and Adelaide Streets. It was to have cost almost a billion dollars, and was the last of a series of construction projects in downtown Toronto launched in

1305-510: The eastern edge of PATH. Bay Adelaide West was completed in 2009 at 51 storeys. It played a primary role in the thriller Devil by M. Night Shyamalan , which was released on September 17, 2010. It is also featured extensively on TV show Suits , being the fictional head office of the law firm Pearson Specter Litt. In June 2012, Brookfield announced that it planned to commence construction of Bay Adelaide East at 44 storeys and 91,045 square metres (980,000 sq ft), with Deloitte as

1350-651: The fact that it connected Lot Street (present-day Queen Street West ) to a bay at the Toronto Harbour . In the 19th century, the intersection of Bay and King Street was home to Toronto's major newspapers: the Mail Building , the old Toronto Star Building , and the William H. Wright Building (old Globe and Mail headquarters) were all located near the intersection. Until 1922, the section of Bay running north from Queen Street and ending at College Street

1395-526: The first tower, Bay Adelaide West, with Fasken Martineau and Heenan Blaikie also taking up residence in the building. In June 2006, both buildings on Bay Street attached to this property were emptied of tenants and by December 11, 2006, both buildings had been taken down, with the north and west facades of the National Building (347 Bay) being removed for incorporation into the new buildings. The National Building had only recently been designated

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1440-700: The intersection — the Bank of Montreal at First Canadian Place , Scotiabank at Scotia Plaza , the Canadian Imperial Bank of Commerce (CIBC) at Commerce Court , and Toronto-Dominion Bank at the Toronto-Dominion Centre  — and the fifth, the Royal Bank at Royal Bank Plaza , is one block south. Historically, Bay and King was known as the "MINT Corner" from Montreal, Imperial, Nova Scotia, and Toronto, but since 1961

1485-703: The largest office landlord in Los Angeles after acquiring MPG Office Trust Inc.'s downtown portfolio. MPG had been one of Southern California's most prominent real estate developers and a longtime L.A. office tower owner. The MPG buildings they acquired include the Gas Company Tower , 777 Tower and the Wells Fargo Center on Bunker Hill . In June 2014, Brookfield Property Partners (BPY) completed their acquisition of Brookfield Office Properties (BPO). BPO common shares were de-listed from

1530-456: The management of Forest City Realty Trust 's real estate portfolio after the company was acquired by a fund affiliated with Brookfield Asset Management. In September 2020, the company's retail group announced a layoff of 20% of its workforce of about 2,000 people. Around June 2021, the company opened an office in Sydney, Australia. In May 2023, Brookfield Properties announced a purchase of

1575-529: The name of Ketchum Avenue to Bay Street, extending it to Davenport Road. There is a short street called Terauley Lane running west of Bay from Grenville Street to Grosvenor Street. "Bay Street" is frequently used as a metonym to refer to Toronto's Financial District and the Canadian financial sector as a whole, similar to Wall Street in the United States. "Bay Street banker", as in the phrase "cold as

1620-422: The next year TrizecHahn sold its 50% share to Brookfield Properties for $ 49 million. Brookfield was committed to completing the structure to a smaller height of either 40 or 50 storeys, but later that year the economy again soured and the project remained on hiatus. In October 2005, plans were filed with the City of Toronto to develop the property. An information sign (notice to amend the by law regulating zoning)

1665-402: The north tower is located on the north side of Temperance Street, with frontage along Richmond Street West. The towers of the Bay Adelaide Centre are connected by an underground concourse, which extends under Temperance Street, and is connected to the PATH network. The underground concourse has PATH connections to Scotia Plaza to the south and Hudson's Bay Queen Street to the north. There

1710-491: The north–south Yonge and University subway lines opened in 1954 and 1963 respectively. The remaining streetcar tracks between Dundas and College Streets are now used for short turns and diversions. 43°39′26″N 79°23′03″W  /  43.657291°N 79.384302°W  / 43.657291; -79.384302 Brookfield Properties Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners , which itself

1755-515: The project's environmental sustainability and will produce an estimated 40% energy savings relative to other buildings. The LEED rating system recognizes leading-edge buildings that incorporate design, construction and operational practices that combine healthy, high-quality and high-performance advantages with reduced environmental impacts. Bay Adelaide Centre is the first mixed-use, commercial real estate building in North America to launch

1800-408: The site was turned over to the city for use as a park that is now Cloud Gardens. Both of these deals went ahead, despite the tower never having been completed. Construction began in 1990, but the developers soon ran into problems. The economy went into recession and office vacancy rates in Toronto rose to 20%. Construction was halted, and in 1993, with over $ 500 million already invested, the project

1845-572: The south and ends at Davenport Road in the north. The original section of Bay Street ran only as far north as Queen Street West and just south of Front Street where the Grand Trunk rail lines entered into Union Station . Sections north of Queen Street were renamed Bay Street as several other streets were consolidated and several gaps filled in to create a new thoroughfare in the 1920s. The largest of these streets, Terauley Street, ran from Queen Street West to College Street. At these two points, there

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1890-770: The world, including China, India, Germany and the US. The company's roots go back to the early 1900s in Montreal, Quebec . It was known then as the Canadian Arena Company and operated the Montreal Arena . In a partnership with Toronto investors, it built Arena Gardens in Toronto. In the 1910s, it opened an office and began business in Brazil, while in the 1920s, it built the Montreal Forum to house

1935-464: Was known as Terauley Street (named after the Terauley estate of John Simcoe Macaulay near Bay and Queen Streets). Several discontinuous streets existed north of College Street to Davenport Road - St. Vincent Street, Chapel Street, North Street, Ketchum Avenue. By-Law 9316 joined these streets together as far north as Scollard Street in 1922. Finally, By-Law 9884, enacted on January 28, 1924, changed

1980-403: Was permanently put on hold. All that was completed was the underground parking garage and several storeys of the concrete service shaft that stood from 1991 onwards, as a monument to the failed project in downtown Toronto. The stump of the service shaft was known to security and the locals as "the bunker" or simply "the stump". The parking garage was in operation, and the stump itself was used as

2025-438: Was placed on Bay St. between 347 Bay and 355 Bay, both also Brookfield properties. The notice, in short, informed the public that three mixed-use high-rise towers surrounding an urban plaza will be built. The towers were then planned to vary in size from 43 to 50 storeys and contain an aggregate density of 240,396 square metres (2,587,600 sq ft). Brookfield Properties had signed KPMG and Goodmans as anchor tenants for

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