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A new office tower at 753 Seymour Street picks up where Telus Garden left off, aiming to implant a 371,000-square-foot commercial complex in the heart of downtown Vancouver's tech hub. On Wednesday morning, GWL Realty Advisors officially broke ground on Vancouver Centre II, the 33-storey next phase of the Vancouver Centre complex, which currently includes Scotia Tower and Vancouver Centre Mall.
Pointing to the heightened demand for office space in the downtown core, GWL Realty Advisors is moving forward with construction on a speculative basis. The real estate investment company is developing the project on behalf of the project owners, a diverse group comprised of the Healthcare of Ontario Pension Plan, the Great-West Life Real Estate Fund, and London Life Real Estate Fund.
Paul Finkbeiner, president of GWL Realty Advisors, says the development is poised to attract "considerable market interest." Musson Cattell Mackey Partnership has designed the project for "forward-thinking, industry-leading firms that want to attract top talent, nurture innovation, and deliver results," said a press release. The development is also set to become one of the most sustainable buildings in the city, with the team targeting WELL Certification and LEED Platinum standard.
Mayor Gregor Robertson echoed Finkbeiner's comments, stating that Vancouver Centre II "will play a major role in facilitating [Vancouver's] green economic growth by providing much-needed office space as companies of all sizes and industries from all over the world look to set up shop in downtown Vancouver."
The design of the tower is informed by its sculptural shape and clear glazing. A light-filled lobby atrium will provide a connection between the building and the existing Scotia Tower. Tenants of the complex will enjoy access to a range of amenities, including a rooftop deck and a state-of-the-art fitness facility.
The arrival of Vancouver Centre II will cement the eastward shift of the city's business district. The neighbourhood has become a booming hub for global tech heavyweights in recent years, with growing demand pushing the development of modern office space. According to the latest market report by Colliers International, downtown Vancouver vacancy rates stand at 5.1 percent compared to 6.9 percent at the same time last year. Technology, advertising, media, and information firms now represent 47.8 percent of all current office space demand in the core.
The project is expected to be completed in 2021. Additional images and information can be found in the Database file linked below. Want to get involved in the discussion or share your photos? Check out the associated Forum thread or leave a comment in the field provided at the bottom of this page.
