Vancouver-based developer Reliance Properties has announced a partnership with international real estate firm Hines to jointly develop a 32-storey office tower at West Pender, between Thurlow and Bute.
The rezoning application was approved in 2019, but the partnership with Hines is new, something Reliance says is the most notable activity in the Vancouver office market since the start of the global COVID-19 pandemic.
The AAA-office tower at 1166 West Pender, to be built on the site of a former CRA office, will be Hines’ first project in Vancouver.
“We chose Vancouver for our latest Canadian project because we believe in its world-class economy and future, and this partnership was a natural fit because of Reliance Properties’ commendable track record and our shared values,” says Syl Apps, senior managing director for Hines.
CBRE Vice-Chairman Blair Quinn called the announcement encouraging.
“Downtown office market activity has returned to approximately 85 per cent normal, albeit mostly small transactions. The announcement of the partnership between Reliance and Hines is the most significant office activity since COVID-19 started, and it is a major boost in confidence.”
Renderings: 1166 West Pender office tower
1166 West Pender will measure 361,000-square feet. With a focus on tenant experience and safety and wellness, the entire third floor will consist of an indoor/outdoor amenity area, including an employee lounge and collaboration area, a modular conference facility, a spa-quality fitness and wellness centre and market leading end-of-trip facilities.
“We are excited to partner with a world-renowned company like Hines, a company known for its commitment to sustainability and wellness,” says Jon Stovell, president and CEO of Reliance Properties.
One of the tower’s most unique features will be its uppermost floors. The distinctive architecture will allow for the top nine levels to have access to private outdoor terraces with views of Coal Harbour and the skyline.
“This will be the first post-COVID-19 office tower delivered in Vancouver that prioritizes health, safety and wellness into the design in a way not yet seen,” added Stovell.
The architects are Hariri Pontarini Architects of Toronto.