Press release
2006-03-23
Renovation of 5 Place Ville Marie: SITQ completes project on time and retains all tenants
Montréal, March 23, 2006 - SITQ announced today that it has completed the renovation of the exterior façades of 5 Place Ville Marie and done so within the initial schedule. The building envelope, previously composed of concrete panels, has been replaced by a glass and aluminum curtain-wall, thus ensuring that the complex will remain in impeccable condition. This large-scale undertaking was carried out over 11 months and in the presence of virtually all of the property’s tenants.
A highly complex project
The concrete panels that had comprised the exterior cladding of 5 Place Ville Marie had been showing signs of premature aging. Following temporary reinforcement work, SITQ reviewed several scenarios designed to ensure the long-term sustainability of the building and respect its architectural integrity. Accordingly, the original architect of Place Ville Marie, Henry Cobb of the New York firm Pei Cobb Freed & Partners, was called in. Mr. Cobb recommended installing a glass and aluminum curtain-wall, which would make the building lighter and more transparent.
”Replacing the façades posed a considerable challenge for us, especially because we did not want to interfere with the regular business of our tenants,” said Michel Cyr, Vice President, Development and Construction. “As a result, we chose to install the curtain-wall from the outside, instead of from the inside which is the standard approach. And the work schedule was arranged so that occupants and neighbouring businesses were disturbed as little as possible. So, despite the technical complexity of the project, work was completed within the initial schedule.”
Constant communication with tenants
To help secure the success of the project, SITQ set up a coordination committee made up of representatives from the firm’s various departments. A coordinator was also hired to liaise with tenants and the general contractor. The ultimate goal was to keep tenants informed at all times of the status of the project and upcoming developments in order to avoid surprises, minimize inconvenience and anticipate potential problems.
“As a responsible owner, we knew our first priority was to maintain the highest respect for our tenants while the project was underway,” Guy Brault, Vice President, Leasing, explained. “Although we had to relocate the tenants on the top four stories, they decided to stay with SITQ. Some of them even took advantage of the situation to expand their facilities. So the project has been a success on all fronts,” concluded Mr. Brault.
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About SITQ
Founded in 1984, SITQ is a real estate investment, management and development firm composed of six financial institutions and pension funds. Its principal shareholder, the Caisse de dépôt et placement du Québec, is Canada’s leading fund manager, with net assets of 122.2 billion dollars Canadian.
A leader in the Canadian real estate industry, SITQ owns assets of 7.1 billion dollars Canadian consisting of 112 properties (29 million square feet) located in Canada, the United States, France, the United Kingdom and Germany.
A highly complex project
The concrete panels that had comprised the exterior cladding of 5 Place Ville Marie had been showing signs of premature aging. Following temporary reinforcement work, SITQ reviewed several scenarios designed to ensure the long-term sustainability of the building and respect its architectural integrity. Accordingly, the original architect of Place Ville Marie, Henry Cobb of the New York firm Pei Cobb Freed & Partners, was called in. Mr. Cobb recommended installing a glass and aluminum curtain-wall, which would make the building lighter and more transparent.
”Replacing the façades posed a considerable challenge for us, especially because we did not want to interfere with the regular business of our tenants,” said Michel Cyr, Vice President, Development and Construction. “As a result, we chose to install the curtain-wall from the outside, instead of from the inside which is the standard approach. And the work schedule was arranged so that occupants and neighbouring businesses were disturbed as little as possible. So, despite the technical complexity of the project, work was completed within the initial schedule.”
Constant communication with tenants
To help secure the success of the project, SITQ set up a coordination committee made up of representatives from the firm’s various departments. A coordinator was also hired to liaise with tenants and the general contractor. The ultimate goal was to keep tenants informed at all times of the status of the project and upcoming developments in order to avoid surprises, minimize inconvenience and anticipate potential problems.
“As a responsible owner, we knew our first priority was to maintain the highest respect for our tenants while the project was underway,” Guy Brault, Vice President, Leasing, explained. “Although we had to relocate the tenants on the top four stories, they decided to stay with SITQ. Some of them even took advantage of the situation to expand their facilities. So the project has been a success on all fronts,” concluded Mr. Brault.
- 30 -
About SITQ
Founded in 1984, SITQ is a real estate investment, management and development firm composed of six financial institutions and pension funds. Its principal shareholder, the Caisse de dépôt et placement du Québec, is Canada’s leading fund manager, with net assets of 122.2 billion dollars Canadian.
A leader in the Canadian real estate industry, SITQ owns assets of 7.1 billion dollars Canadian consisting of 112 properties (29 million square feet) located in Canada, the United States, France, the United Kingdom and Germany.
