TORONTO -- CIBC plans to move its headquarters in Toronto to a pair of office towers being built in the city's financial district a few blocks south.
The bank said in a statement that about 15,000 of its local employees will relocate from its current headquarters at Commerce Court and other locations to the new Bay Park Centre.
The centre spans two towers and totals 2.9 million square feet of which CIBC (TSX:CM) will lease up to 1.75 million square feet for its headquarters, which will include a flagship bank.
The bank said its lease agreement stipulates that Bay Park Centre will be rebranded under a CIBC name in the coming months.
The two towers are expected to be completed in 2020 and 2023, during which time some of CIBC's employees will relocate to their new space.
Spokeswoman Caroline Van Hasselt said in an email that the bank will still have a presence at its Commerce Court location, including a bank.
