Oxford Properties Group has announced the launch of ‘The Stack’ at 1133 Melville in downtown Vancouver, a AAA-class 540,000 sq. ft. office development.
The project is the largest office development currently underway in Vancouver. The building has already attracted pre-leases from Ernst & Young LLP (‘EY’), Blakes and DLA Piper, which have taken 207,000 sq. ft. of space collectively.
Demolition is already underway on the site and construction is set to start in Q1 2019 for completion in Q1 2022.
It will add much needed supply to Vancouver’s tight office market, which sits at 4.7% as of Q2 2018, the second lowest of any major market in North America.
Rising 530 feet, the tower will become the tallest commercial tower in downtown Vancouver, with unobstructed panoramic views of the city and mountains.
Designed in collaboration between James Cheng Architects and Adamson Associates Architects, the tower features six outdoor decks, a pocket park and a rooftop patio that is available to all tenants.
“With The Stack now launched, we’re adding significant and much-needed new supply to Vancouver’s extremely tight office market and to accommodate the city’s economic growth,” said Chuck We, vice president of office at Oxford. “The Stack is one of the most-forward thinking office projects in Vancouver. Not only does it break new ground by incorporating employee wellness into the fabric of its design through its use of natural light, outdoor space and cycling amenities, we’re future-proofing the building with the adoption of smart building technology and multi-modal transportation options.”
The building is targeting LEED Platinum status and is one of only two high-rise towers in Canada to be part of the Net Zero Carbon pilot. To encourage cycling to work and employee wellness, The Stack also features club-quality fitness and cycling facilities, including 250 bike stalls located at ground level, changing rooms and showers with towel service.
With pre-leases in place to EY, Blakes and DLA Piper, the top two boxes of The Stack are now virtually fully leased. The remaining bottom two boxes feature additional ceiling heights and larger floor plates, ranging from 15,000 to 22,000 sq. ft. and have been designed to incorporate the needs of a wide range of tenants including technology, digital media and creative firms.
The Stack development project is co-owned by Oxford and Canada Pension Plan Investment Board with each holding a 50% stake.