Jul 26, 2018

Edmonton, Alberta (July 26, 2018) – Alberta Investment Management Corporation (“AIMCo”) announced today its plans for the complete redevelopment of HSBC Bank Place to become Edmonton’s newest “AA” class office building. Acquired on behalf of its clients in February 2017, HSBC Bank Place is located in the center of Edmonton’s downtown business core, adjacent to the vibrant Ice District, and within close proximity to the city’s most sought out lifestyle and business destinations.

HSBC Bank Place, a 317,000 sq. ft. office tower in Edmonton’s financial district, is undergoing a complete exterior and interior redevelopment. Once concluded, the new building will boast a triple glazed curtain wall system, floor to ceiling view glass in the office area, new mechanical and electrical systems, and a revitalized 2-storey lobby, transforming the building into a distinctive and best in class “AA” office building and bringing new life to the corner of 103rd Avenue and 101st Street. The redevelopment is targeting LEED Gold Certification, WELL Gold Certification, and to become the first office building in Western Canada to be Wired Certified.

“A full redevelopment of this scale requires the expertise of many partners, and AIMCo is fortunate to utilize local and national expertise to see it through,” states Micheal Dal Bello, Senior Vice President, Real Estate at AIMCo. “Edmonton supports a vibrant downtown and our redeveloped HSBC Bank Place builds off the energy of the current rejuvenation.”

Built on a foundation of strong relationships and well-executed projects, the following firms, working in close partnership with AIMCo’s Real Estate Team, have been selected to manage and oversee various aspects of the redevelopment project:

  • Epic Investment Services – Asset and Property Management

  • Cushman & Wakefield Asset Services – Development Management

  • DIALOG – Architect

  • PCL Construction Management Inc. – General Contractor

  • CBRE Group – Leasing Broker

Buoyed by an improving employment landscape and recovering economy, the Edmonton office market is beginning to see heightened activity. In Q2 2018, the market saw over 261,000 sq. ft. of positive net absorption, the commercial real estate industry’s measure of tenant demand. This represents the best quarter for tenant activity in over 20 years, leading to a 300-basis point year-over-year decline in vacancy to 16.9%.

“Tenants in the Edmonton office market have a growing appetite for quality office product, as evident by the successful lease-up of recent new build trophy spaces. Tenants across all industry sectors are beginning to leverage real estate to attract and retain the best talent. Office space is being utilized as a tool to frame and cultivate culture for a growing segment of the workforce that expects more from its employer. This in turn, has created a market wherein tenants are expecting more from their landlords,” commented David Young, Executive Vice President and Managing Director of CBRE Edmonton.

“Buildings that have been meaningfully designed to create efficient, future-proof offices with new and best-in-class amenities will continue to dominate the market moving forward. HSBC Bank Place’s redevelopment will position the building as the most significant link between the traditional Financial Sector and ICE district at the perfect time to meet this growing demand.”

Preliminary work commenced in June, with the full redevelopment expected to conclude by the end of 2019.