CALGARY and TORONTO – Menkes Developments and Telus announced today they will build a 30-storey office tower in downtown Toronto.
"Telus is putting down deeper roots in Ontario," said Joseph Natale, president, Telus Business Solutions. "It is an important growth market for us and our decision to invest in a new building in the heart of downtown Toronto demonstrates our long-term commitment to Toronto and the province.
"The new Telus tower will be the most advanced technology-equipped facility in Canada, allowing us to showcase our leadership in innovation in a signature building that will become part of Toronto’s cityscape," he added.
"Menkes is very excited to be developing the first major office tower in downtown Toronto in over a decade. Demand for high-quality office space in the Greater Toronto Area (GTA) is growing," added Peter Menkes, president, commercial/industrial, Menkes Developments.
The Telus building will have 780,000 square feet of Class "AAA" office space, located at 25 York Street on the northeast corner of York Street and Bremner Boulevard, right beside the Air Canada Centre with direct access to the home of the Leafs and Raptors as well as Union Station. The estimated construction cost of the building is $250 million.
The project is being developed by Menkes Union Tower Ltd., a joint venture partnership between Menkes Developments Ltd., Hospitals of Ontario Pension Plan (HOOPP) and Halcyon Partners Fund, an institutional real estate equity fund. Telus will be the lead tenant of the building, occupying approximately 440,000 square feet or 60% of the total rentable area, and will have prominent roof-top and podium signage rights.
This follows a recent announcement of a new Telus facility in Ottawa.
"This project will be a tremendous benefit to the downtown area, making a valuable contribution to the vibrant business and residential neighbourhood that is going to emerge around the Air Canada Centre in the next few years," said David Miller, mayor of Toronto.
The new building will include a two-storey podium, conference and wellness facilities, as well as 30,000 square feet of retail space on the ground floor. The project will feature a three-level underground parking garage with 270 parking stalls.
Construction on the building is slated to begin in the fall of 2006, with an expected occupancy date of January 1, 2009.
The Telus tower will be the new Toronto home for Telus, bringing together over 2,000 employees who are currently based in various locations across the GTA. This new office location will also complement Telus’ presence in Toronto’s East End at Consilium Place where 3,000 employees are located.
Telus employs more than 5,200 highly skilled workers in Ontario and has an annual payroll in the province of over $279 million.
