The Canadian Imperial Bank of Commerce (CIBC) is one of Canada's five largest banks and was formed in 1961 through the merger of the Imperial Bank of Canada, which was established in 1873, and the Canadian Bank of Commerce, which was established in 1867. The merger between the two banks was the largest in Canadian banking history. CIBC's core business includes personal and small business banking, wealth management, commercial banking, and capital markets in Canada and the United States (US). In addition to Canada, the Canadian Imperial Bank of Commerce operates in the US, Europe, Asia, and the Caribbean, and the bank's global branches have more than 40,000 employees and serve over 11 million customers. According to Bloomberg Markets magazine, CIBC was the strongest bank in North America and the third strongest globally in 2012.
The headquarters of CIBC is located at Commerce Court in Toronto, Ontario. Commerce Court is an office complex made up of four buildings on Bay Street and King Street in downtown Toronto, and CIBC is the primary tenant. The first building of Commerce Court opened in 1931 and served as the headquarters of the Canadian Bank of Commerce, which later merged to form CIBC. The building was designed by US architectural firm York & Sawyer, together with local firm Darling and Pearson. The first building had 34 stories, and was the tallest building in the British Commonwealth (British Empire) for roughly 30 years, until 1962. At the time, it was among the most opulent buildings in Canada and included a public observation deck that has since been closed.
According to CIBC, the bank's headquarters will move to CIBC Square in 2020. As of 2019, the building remains under construction and was known as Bay Park Center during the early stages of its development. CIBC Square will be located on Bay Street, will feature two 49-story towers and have a total area of 2.9 million sq ft, and will serve as the bank's new global headquarters. The groundbreaking ceremony for the first building's construction was held on June 21, 2017. The southern tower will replace a parking lot and will include a new terminus for buses and Go Transit. The southern tower is scheduled to open in 2020, while the northern tower, which is scheduled to open in 2023, will be located behind the Dominion Public Building and will be situated on the site currently occupied by the Union Station Bus Terminal.
Key Tenants in CIBC Square
The key tenant of CIBC Square will be CIBC, which will occupy 60% or 1.75 million sq ft of the complex's total leasable space. Boston Consulting Group is expected to lease 85,000 sq ft, which will serve as the company's Canadian headquarters. Metrolinx will have a new bus terminal located in the southern tower that will replace Toronto Coach Terminal and the Union Station Bus Terminal. Additionally, Microsoft Canada has indicated it will occupy 132,000 sq ft in the complex for its Canadian headquarters.
About the Author
Benjamin Elisha Sawe holds a Bachelor of Arts in Economics and Statistics and an MBA in Strategic Management. He is a frequent World Atlas contributor.
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