CIBC Square (known during early stages of development as Bay Park Centre) is an office complex in the South Core neighbourhood of Toronto, Ontario, Canada. The complex, located on Bay Street south of Front Street, is a joint development between Ivanhoé Cambridge and Hines. It serves as the new global operational headquarters for the Canadian Imperial Bank of Commerce (CIBC), consolidating approximately 15,000 staff from several CIBC-tenanted buildings in the Greater Toronto Area, including its existing headquarters at Commerce Court. The development also includes the Union Station Bus Terminal constructed on behalf of Metrolinx for GO Transit, as well as other inter-city bus services, connected directly to Union Station, and a one-acre park elevated over the rail corridor.
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CIBC Square in the context of Financial District, Toronto
The Financial District is the central business district of downtown Toronto, Ontario, Canada. It was originally planned as New Town in 1796 as an extension of the Town of York (later the St. Lawrence Ward). It is the main financial district in Toronto and is considered the heart of Canada's finance industry. It is bounded roughly by Queen Street West to the north, Yonge Street to the east, Front Street to the south, and University Avenue to the west, though many office towers in the downtown core have been and are being constructed outside this area, which will extend the general boundaries. Examples of this trend are the Telus Harbour, RBC Centre, and CIBC Square.
It is the most densely built-up area of Toronto, home to banking companies, corporate headquarters, high-powered legal and accounting firms, insurance companies and stockbrokers. In turn, the presence of so many decision-makers has brought advertising agencies and marketing companies. The banks have built large office towers, much of whose space is leased to these companies.
CIBC Square in the context of Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce (CIBC; French: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in Toronto's Financial District. The Canadian Imperial Bank of Commerce was formed through the 1961 merger of the Canadian Bank of Commerce (founded in 1867) and the Imperial Bank of Canada (founded in 1873), in the largest merger between chartered banks in Canadian history. It is one of two "Big Five" banks founded in Toronto, the other being the Toronto-Dominion Bank.
The bank has four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. It has international operations in the United States, the Caribbean, Asia, and United Kingdom. CIBC serves more than eleven million clients globally, and employs over 40,000 people. The company ranks at number 172 on the Forbes Global 2000 listing.
CIBC Square in the context of Commerce Court
Commerce Court is an office building complex on King and Bay Streets in the financial district of Toronto, Ontario, Canada. The four-building complex is a mix of Art Deco, International, and early Modernism architectural styles. The office complex served as the corporate headquarters for the Canadian Imperial Bank of Commerce (CIBC) and its predecessor, the Canadian Bank of Commerce, from 1931 to 2021. Although CIBC relocated its headquarters to CIBC Square, the bank still maintains offices at Commerce Court.
CIBC Square in the context of Union Station Bus Terminal
The Union Station Bus Terminal is the central intercity bus terminal in Toronto, Ontario, Canada. It is located in Downtown Toronto on the second floor of the south tower of CIBC Square, on the northeast corner of Bay Street and Lake Shore Boulevard. The terminal currently serves GO Transit regional buses as well as Coach Canada, Greyhound Lines and Ontario Northland long-distance bus services, among others. Owned by the provincial Crown agency Metrolinx, the terminal is connected by pedestrian walkways to the adjacent Union Station, Canada's busiest transportation hub.
The terminal opened on December 5, 2020, replacing both an outdoor terminal that was located on the north side of the rail corridor and the Toronto Coach Terminal.