Bentall's B.C. Tower 20% Leased

Bentall Five is being built in two phases within the Bentall Centre complex, which already tallies an impressive 1,451,000 sf of office and retail in four existing buildings. The first 20 stories of Bentall Five, totaling 330,000 sf, are currently under construction. The remaining 236,000 sf or 13 stories would be added to the top of the tower in a second phase, the timing of which will be based on the strength of the market.

The first phase of the tower is expected to be ready for occupancy by August 2002. Timing of the second phase is dependent upon preleasing. If a substantial portion of the second phase is preleased during construction of the first phase, Bentall says the entire project could be completed as soon as December 2002.

Marsh Canada Limited and William M. Mercer Limited are subsidiaries of MMC, a global professional services firm with annual revenues of over $10 billion US. MMC, which is listed on the New York, Chicago, Pacific and London stock exchanges, employs over 57,000 people and operates in more than 100 countries around the world.

"The signing of leases with tenants with the global stature of Marsh and Mercer is a testament to the strong appeal of Bentall Five," said Steve Laver, Bentall's Executive Vice President and Chief Operating Officer. "Together, they bring the total pre-leased area of Bentall Five to 110,000 sf."

Chris Stokes, Bentall's director of leasing for the project, told GlobeSt.com in March the Canadian developer had preleased 51,000 sf to Canfor Corp. and Harris & Co., a major Vancouver law firm. Rates for the first phase (for a typical 10-year lease to a sizeable tenant) will run $28 per sf (Canadian) for five years, then $31 per sf for the second five years, with a $30 per sf allowance for tenant buildouts, said Stokes.