Credit Suisse Marks Many Firsts with Construction of 'Green' Office Tower in
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/12/13 --
Editors Note: There is a photo associated with this press release.
The City of Vancouver today approved a development permit for Credit
Suisse to construct what will be one of Canada's tallest sustainable
office towers. The $200-million venture is the global financial
giant's first real estate investment in British Columbia and first
'ground up' real estate development in Canada.
"We believe in Vancouver's economy and its future," says Credit
Suisse's Herbert Meier, Director of Real Estate Asset Management. "We
believe in supporting the City of Vancouver's vision to become the
world's 'greenest' city by 2020."
The project, The Exchange, will target LEED Platinum, the highest
designation from the Canada Green Building Council. The building will
create half the energy load of traditional office buildings that are
comparable in size, essentially lowering operating costs for tenants.
In another first, the neighboring Old Stock Exchange building (circa
1929) will be renovated and restored as part of the development. It
will be Canada's first LEED Platinum heritage conversion.
Credit Suisse's 260-building global real estate portfolio has been
greenhouse gas-neutral since 2010.
The Exchange's Vancouver investor, SwissReal Group, says Credit
Suisse would only consider the partnership if the project targeted
the highest environmental standards. "It is rare to get a chance to
build a cutting-edge commercial development from scratch, let alone
do it with a world leader," says Franz Gehriger, CEO of SwissReal
For the iconic design, Credit Suisse is relying on Swiss expertise in
internationally-renowned architect Harry Gugger, whose most notable
work includes the Bird's Nest Stadium in Beijing and Tate Modern
Gallery in London.
Credit Suisse is the seventh largest real estate investor in the
world, with total real estate assets of CAD 42.35-billion. This
project will create 400 local jobs during construction and 1,700
permanent job spaces. It will be the tallest building in Credit
Suisse's portfolio. Construction begins in October with completion
targeted for 2017.
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