Hines Breaks Ground on T3 Sterling Road in Junction Triangle Submarket of Toronto
Ceremony marks the firm’s third office project in Toronto to start construction during COVID
June 17, 2021 (TORONTO) –Hines, the international real estate firm, has started construction on the first two buildings of T3 Sterling Road, a new mass timber creative office project that will provide a superior work environment for businesses seeking to attract and retain the highest quality talent in a post-COVID Toronto market. The project, in partnership with Hazelview Investments, marks Hines’ third office groundbreaking in Toronto since the pandemic started in March 2020 which combined represent an additional 2 million square feet of new office space. The milestone was celebrated with a small, socially distant gathering at the site, including remarks from Deputy Mayor Ana Bailão and representatives from Hines.
“The groundbreaking of T3 Sterling Road is a testament to our belief in Toronto’s office market,” says Syl Apps, senior managing director for Hines. “Hines’ strategy has always been to invest in and deliver best-in-class, amenity-forward office spaces in key neighbourhoods, including right here in the trendy and vibrant Junction Triangle of Toronto.”
T3 Sterling Road, which stands for Timber, Transit and Technology, is the second Toronto-based mass timber creative office project by Hines following T3 Bayside and the latest in a global series that uses this visionary concept. The buildings will be constructed with mass timber, an innovative and highly sustainable material, and coupled with smart amenities to deliver a market-leading tenant experience.
“We have long since recognized the viability of Toronto’s office market and, as the city continues to grow, we believe that highly amenitized office spaces will continue to perform well in the long-term,” says Michael Tsourounis, Senior Managing Director and Co-Head of Private Real Estate Investments, Hazelview Investments. “Being part of the collaboration with Hines to bring world-class offices that set new standards in building sustainability is part of who we are. It’s an exciting day to see this project start to come to life.”
“Breaking ground on new office buildings in Toronto is always an exciting moment for the city as it demonstrates the continued growth we are seeing here and the stable creation of office space that we need to address the demand for businesses who are coming here and calling Toronto home,” says Mayor John Tory. “I want to thank Hines for investing in Toronto and for building up our city and attracting jobs. By focusing on new office space that is developed near transit we are able to build stronger communities that are set up for success. I look forward to seeing these buildings come to life and the many businesses and employees that they will attract.”
Upon completion, T3 Sterling Road will be a three-building, 415,000 sq ft, IMIT Grant approved, post-COVID urban campus, built with health, safety and wellness at the forefront. Partnering with The Well Living Lab, Delos and the Mayo Clinic, Hines will implement technologies that reduce the risk of respiratory virus transmission throughout the workplace while meeting the highest post-COVID health and safety standards. In addition to targeting LEED and WELL certifications, the property boasts 1 acre of green space and a private park co-programmed with the Museum of Contemporary Art (MOCA).
“The official start of construction at T3 Sterling is an important milestone for the vibrant Junction Triangle, a growing neighbourhood that is one of the most highly connected in our city,” says Deputy Mayor and City Councillor for Davenport, Ana Bailão. “The new mass timber project will sustainably contribute to the growth of this area not only through new employment and retail, but through much needed improvements to the public realm. This includes new parks and improved roadways that will make connectivity safer and more accessible for all.”
Featuring best-in-class creative office space, T3 Sterling targets tenants in knowledge industries such as technology, advertising, media and professional services, with high quality independent retail on the ground floors. Designed by DLR Group and incorporating biophilic principles, the common tenant amenities will include social workspaces and tenant collaboration areas; rooftop terraces; private balconies on each floor; floor-to-ceiling warehouse windows to maximize natural light; a club-quality fitness centre, bike storage and end-of-trip facilities.
“We’re proud to be bringing the T3 model to Toronto for a second time. It’s a concept that has a proven track record worldwide in helping our tenants attract and retain talent,” says Mr. Apps. “T3 Sterling Road is the true definition of next generation office space. Combining timber, transit and technology, we’re creating a workplace that is healthy for the planet and the modern creative workforce that occupies it.”
Future-proofed for the modern workforce, T3 Sterling Road has a WiredScore Gold Certification, 5G capacity, advanced building systems and highly efficient workspace design. The development boasts a Transit Score of 100 and is within walking distance to two key TTC Bloor subway line stops, three streetcar routes, a GO Train stop, the UP Express, the West Toronto Railpath and the new Bloor-Lansdowne SmartTrack Station.
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Proof Strategies for Hazelview Investments
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 240 cities in 27 countries. Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services. Historically, Hines has developed, redeveloped or acquired approximately 1,450 properties, totaling over 485 million square feet. The firm has more than 180 developments currently underway around the world. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹Includes both the global Hines organization as well as RIA AUM as of December 31, 2020.
About Hazelview Investments
Hazelview Investments is an active investor, owner and manager of global real estate investments committed to creating value for people and places. Hazelview employs a global investment and asset management team of more than 80 people in its offices in Toronto, New York, Hong Kong and Hamburg and manages CAD 9.9 billion in real estate assets. To learn more visit www.hazelview.com.