From a story in Bloomberg News


The second office building, to be called Bremner Tower, is “well on its way” to being 50 percent leased, Mary Garden, vice president of real estate at British Columbia Investment, which has a Canadian portfolio valued at C$14.4 billion.

“In a market like Toronto, we would not proceed with a project on spec,” Garden said in a telephone interview, referring to speculative development started without tenants lined up. “As soon as we hit the 40 percent level, we were comfortable to proceed with the building.”

http://www.bloomberg.com/news/2012-03-30/canadian-oil-boom-reverberates-in-offices-as-returns-rise.html
 
April 5, 2012

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Confirmation of Marsh & McLennan Companies:cool:

A Major Tenant Announced for Bremner Tower at Southcore Financial Centre

TORONTO, April 19, 2012 /CNW/ - British Columbia Investment Management Corporation (bcIMC) announced today that approximately one-third of the office space at Bremner Tower, Southcore Financial Centre (SFC), has been leased to professional services firm Marsh & McLennan Companies.

Marsh & McLennan Companies is a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy and human capital. The company's wholly owned subsidiaries—Marsh, Guy Carpenter, Mercer and Oliver Wyman—will relocate their Toronto operations to Bremner Tower in May 2015.

Encompassing a full block from York Street to Lower Simcoe Street, SFC is a mixed-use complex under development in Toronto's southcore financial district. When complete, the complex will offer 1.4 million square feet of office space in two towers and a premium 45-storey hotel, the Delta Toronto. Bremner Tower, the second phase of the SFC complex, is a 30-storey, 700,000 square foot tower. The first phase of the complex, PwC Tower, a 26-storey, 680,000 square foot tower, was completed in 2011 and is now fully leased.

A pedestrian bridge over York Street featuring a permanent and interactive light installation by renowned glass artist James Carpenter connects SFC to Union Station and the PATH network. "SFC is at the core of a highly-connected and dynamic business neighbourhood. This provides a great environment for tenants, visitors to SFC, and hotel guests," said Mary Garden, Vice President, Real Estate, bcIMC. "We are very pleased to welcome Marsh & McLennan Companies to Bremner Tower as their new Toronto operations headquarters."
More.............http://www.newswire.ca/en/story/958...r-bremner-tower-at-southcore-financial-centre
 
Ha. We had it pretty nicely narrowed to either Aon or Marsh & McLennan after a round of Clue with Filip; everyone assumed Aon, and it was Marsh & McLennan after all.

The lack of an announcement of naming rights is a bit unexpected. 33% of the space pretty much has to be the biggest single fish they'll land, no? "Bremner Tower" always sounded really placeholdery to me.
 
Taken today - hitting ground level.

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From the Skywalk - think it`s time for them to change up these windows.
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Holy Construction Madness:eek: Nice pics Jasonzed
That i know of, in 5 years.... Southcore will have an extra 5 new towers that have yet to start construction
 
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I keep looking at that picture from the CN Tower and try to imagine the entire area filled with buildings, with no parking lots or empty lots or construction sites. You almost wouldn't be able to tell you were between a highway and the tracks, it would just be constant city with the occasional underpass.
 
Big Daddy said:
What does she mean "In a market like Toronto"?
Click to expand...

Simple the office market in Toronto was very cool for a very long period of time. So after the big boom decades ago, developers in the downtown core were very reluctant to build on spec anymore, in the past that's what happened and large scale construction didn't take place for decades after. The vacancy rates were extremely high in the core as a result.

You may stop and think, why does a developer care ? You're right they don't, they only care about the building they own / are building. But in Toronto there aren't that many landlords as compared to the states. Why do you think there are 15%+ Vacany rates in many US cities, and those are considered "healthy"! Chicago consistently has 15%+ and many other cities are similar if not worse. There are so many landlords / developers they all compete, you would see construction even when none would take place in Toronto. The landlords here need there older properties to do well still.

Toronto's office market downtown still isn't that great if you average all the supply over the last 20 years as opposed to the last 5 or so.

In the 905 buildings go up on spec everyday ; ), but to fair they're much smaller. Actually a good test is the Queens Quay east development (East Bayfront) they are currently marketing 2 buildings at 200K, these are the sort of buildings that go up nearly on spec in Mississauga around the airport.
 
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