Tenants Trade-up to The Exchange Office Tower
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 31, 2017) -
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The next office tower coming to completion in downtown Vancouver is more than half leased with the confirmation of several new tenants, highlighting the city's commercial market has made a dramatic comeback to become among North America's strongest.
Today, the development team of The Exchange announced the signing of three tenants, including a high-profile British Columbia-based hotel chain. More than 205,000 square feet have now been leased in advance of the building's completion.
"When Credit Suisse Asset Management embarked on this ambitious project, we were confident that The Exchange would be able to fill much-needed demand for quality office space," said Herbert Meier, project manager at Credit Suisse. "We are pleased that The Exchange is now also delivering additional hotel space to Vancouver."
Executive Hotels & Resorts will operate a 202-room, luxury boutique hotel on 10 floors of the heritage portion of the Old Stock Exchange building (circa 1929) - which is being restored and converted to LEED Platinum as part of the newly-constructed Exchange tower. The conversion could make this Canada's greenest hotel. It will also have its own entrance and elevators, creating separation between it and the 31-storey office tower.
"The Exchange is arguably the best example of collaborative modern and historic architecture in Canada, and it boasts a world-class location," said Salim Sayani, president of Executive Group, which recently opened hotels in New York and Toronto. "The Exchange's design team has done an amazing job integrating state-of-the-art technology with space-planning strategies."
Other additions to The Exchange include a Vancouver accounting firm that will be headquartered in the building, taking up approximately 28,000 square feet, as well as a local fintech company that is expanding from its existing premises to occupy approximately 22,500 square feet.
According to commercial real estate brokers, Triple-A office space is seeing strong uptake. JLL says vacancy rates last spring were 12.5 per cent. This year, vacancies have dropped sharply to 7.1 per cent, making Vancouver one of the strongest office markets in North America.
"Tech companies represent about 40 per cent of tenant demand in Vancouver, but there is also a resurgence in demand from traditional office users who see this building as an opportunity to refresh their premises and their brands," said Mark Chambers, JLL Vancouver's executive vice president of office leasing. "With the upcoming completion of The Exchange, the newly-signed tenants have a chance to be in the heart of Vancouver's financial district, while also close to other smart, innovative technology companies."
In 2015, The Exchange signed anchor tenant, National Bank, who will occupy approximately 45,000 square feet. Swiss chocolatier Lindt will operate a retail store on the ground floor.
"Our confidence in the market has come to fruition as we continue to sign tenants for The Exchange," said Franz Gehriger, president and CEO of Swissreal Investments, the Vancouver-based company developing the tower with Credit Suisse Asset Management.
The Exchange is a CAD $240 million LEED Platinum office tower that includes Canada's first LEED Platinum heritage conversion. Designed by renowned Swiss architect Harry Gugger in partnership with Iredale Group Architecture of Vancouver, The Exchange is slated for completion at the end of 2017 with 165,000 square feet available for lease.
Renu Bakshi, telephone 604 787 1873, email@example.com
Source: Credit Suisse, otherwise specified.
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Credit Suisse AG
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). As an integrated bank, Credit Suisse is able to offer clients its expertise in the areas of private banking, investment banking and asset management from a single source. Credit Suisse provides specialist advisory services, comprehensive solutions and innovative products to companies, institutional clients and high net worth private clients worldwide, and also to retail clients in Switzerland. Credit Suisse is headquartered in Zurich and operates in over 50 countries worldwide. The group employs approximately 46,640 people. The registered shares (CSGN) of Credit Suisse's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
Credit Suisse Asset Management (Switzerland) Ltd.
Credit Suisse Asset Management is a multi-specialist manager with more than CHF 322 bn of assets under management operating within the International Wealth Management division of Credit Suisse. Backed by the institutional quality governance, stability and opportunity of Credit Suisse's worldwide franchise, we deliver distinct product expertise through active and passive solutions in both traditional and alternative investments.
Swissreal Investments Ltd.
Swissreal Investments purchased the site in 2003, and in 2008, the Vancouver-based company conceived the idea of building The Exchange. With more than 30 years of experience, Swissreal is a leader in real estate consulting and development. It is a minority investor in The Exchange. For more information about Swissreal, go to www.swissreal.com.
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