The final phase of construction on CIBC’s global headquarters in downtown Toronto began earlier this month.

Officials from CIBC, EllisDon, Ivanhoé Cambridge and Hines raised a ceremonial last steel beam at 81 Bay Street on January 8.

The event marks the final phase of construction on the first of two office buildings that will become CIBC SQUARE, a 2.9-million square foot commercial campus in Toronto’s financial district—across from Union Station and the Air Canada Centre.

"We're excited to mark this milestone as we prepare for the opening of our new global headquarters later this year," said Veni Iozzo, CIBC’s executive vice-president, communications, public affairs and workplace transformation. "CIBC SQUARE is a cornerstone of our global workplace transformation as we create a modern and inclusive work environment that fosters collaboration, innovation and wellbeing for our team. Our new home puts our clients at the centre of all that we do as we help make their ambitions a reality."

Formerly known as Bay Park Centre, CIBC SQUARE will comprise two buildings connected by a one-acre park. Construction of the first building, which will stand 54 storeys, is scheduled to be completed by late 2020. Construction of the second, 49-storey tower, is due for completion in 2023. Once the entire complex is completed, CIBC SQUARE will be home to approximately 14,000 CIBC employees.

Construction is being led by EllisDon, and is expected to create more than 4,000 jobs.

“The city of Toronto has never seen a tower like this before and it’s really remarkable to see how it has captured the attention of everyone around and what has been achieved so far,” said Andrew Anderson, EllisDon’s senior vice-president and area manager of Toronto buildings, during a speech at the ceremony. “This milestone reflects the effort and commitment put forth by our teams and trade partners who have worked so hard to get us to this point. Congratulations to everyone involved on this incredible achievement.”

CIBC SQUARE is targeting a number of important sustainability targets, including LEED Platinum certification, and Delos WELL specifications, which measure features of the built environment that impact human health and well-being. The project has also been awarded the Wired Pre-Certified Platinum designation—the highest international standard in office internet connectivity, including a distributed antenna system for seamless and reliable cellular coverage.