B6 (1090 W Pender) | 123m | 31Fl | Completed

[VancouverOfTheFuture]

Originally Posted by SFUVancouver

The disappointment with WeWork is surprising to me. While I appreciate that there would be far greater excitement for a marquee anchor tenant taking 10 floors, WeWork isn't exactly going to be putting in 10 floors of hot desks and foosball tables. That's just part of their business model, the far larger element is that of flexible commercial leasing agent.

Think of them as something like GE Capital Aviation Services, Aercap, or Air Lease Corporation (some of the world's largest commercial airline leasing companies, which buy airplanes from the factory and lease them out to airlines, small and large, for as short or as long as needed). Boeing and Airbus are perfectly happy selling new aircraft in tremendous quantities to these leasing companies, which in turn are more likely to be placed with major airlines than a start-up.

It shifts risk from the airlines (or companies in the case of WeWork) to the leasing company and sheds responsibility for major capex in exchange for somewhat higher operating costs. If things hit a downtown, the airline can shed metal, taking a hit on breaking the lease but far less than the cost of owning idle aircraft, while the leasing company can scour the world for opportunities to place aircraft, and since they buy in bulk from Boeing and Airbus, their per unit cost was originally lower than even the major airlines would have been likely to get. Airlines get the benefit of flexibility and lower capex while the leasing companies effectively buy wholesale and are the major short-term beneficiaries of growth in the global air travel sector.

WeWork takes this a step further by not owning the buildings themselves. It uses its financial resources to secure space in new and desirable office product in just about every major market and rides the rising tide of any sector that requires office space while falling back on their sweetheart anchor tenant leases and financial clout to weather downturns and shed space as required, all without being left holding the bag on owning empty bricks and mortar buildings with property taxes and bank loans circling like sharks.

If it makes sense for a company in WeWork space to buy out their lease and be direct tenants of the building, they'll do so, but staying within the WeWork leasing ecosystem may be more advantageous as WeWork can likely shuffle its tenants more easily than the building owners and with substantial space in multiple buildings in the city, WeWork can provide overflow and swing space to accommodate growth and relocation.

Anyway, for this project, having WeWork take 10 storeys is better than WeWork not having taken 10 storeys. And some of the companies sub-leasing space may well grow to the point where they're the anchor tenant in B7, B8, or B9, etc. Just my two cents.

i am curious to know what will happen with WeWork. they have never made a profit and their IPO interests aren't going like they planned.

[truenorth44]

Pretty much down to bare structure.

Sept. 10, 2019, my pics:

[jollyburger]

Originally Posted by SFUVancouver

The disappointment with WeWork is surprising to me. While I appreciate that there would be far greater excitement for a marquee anchor tenant taking 10 floors, WeWork isn't exactly going to be putting in 10 floors of hot desks and foosball tables. That's just part of their business model, the far larger element is that of flexible commercial leasing agent.

Sure as a business model it might sense but look at the news around their IPO isn't looking pretty.

https://aswathdamodaran.blogspot.com/2019/09/runaway-story-or-meltdown-in-motion.html

[giallo]

WeWork has a massive office presence in Asia. They occupy a number of buildings in Seoul, and are the anchor tenant of a building in the Gangnam Business District. I always assumed they were doing well.

glass wall by Andrew Rochfort, on Flickr

[mcminsen]

Aug.18 '19, my pic




Sept.10 '19, my pic

[mcminsen]

Aug.18 '19, my pic




Sept.10 '19, my pic

[jollyburger]

Not worth the money to pull down the sprinkler piping?

[truenorth44]

Nibbling away at the concrete has begun. Also, full-height scaffolding on Pender, and a few storeys high on Thurlow. My guess is that will have skirting to prevent stray chunks of concrete - there was a very vigilante hard-hat guy guarding the alley, keeping pedestrians on the far side. Some brave souls still parked their cars in the alley.

Sept. 24, 2019, my pics:

[officedweller]

Thanks!

[fredinno]

https://dailyhive.com/vancouver/bentall-centre-vancouver-fifth-office-tower

Plans for a major office addition to the Bentall Centre office complex in the core of downtown Vancouver’s Central Business District were announced today.

Los Angeles-based Hudson Pacific Properties (HPP) made public its intent to add a Class AAA 450,000-sq-ft office tower to the existing four-tower complex, which would increase the combined total floor area to nearly two million sq. ft., effectively cementing it as the city’s largest integrated office complex.

The project is in the very early stages of planning; no formal application has been submitted.

Is this just Bentall 6, or is there plans for as yet another tower on the Bentall Complex (Bentall 5.5 (since the existing Bentall 5 is technically not part of the 4-tower complex, I guess it would be renamed?)

There should be enough space for another tower on the other side of Eveleigh St from 1090 W Pender, and another onto 1090's East. Would be a real dense cluster of offices if all of them get developed.

[trofirhen]

Originally Posted by fredinno

https://dailyhive.com/vancouver/bentall-centre-vancouver-fifth-office-tower


Is this just Bentall 6, or is there plans for as yet another tower on the Bentall Complex (Bentall 5.5 (since the existing Bentall 5 is technically not part of the 4-tower complex, I guess it would be renamed?)

There should be enough space for another tower on the other side of Eveleigh St from 1090 W Pender, and another onto 1090's East. Would be a real dense cluster of offices if all of them get developed.

Even though may claim that this - 1090 - won't be high enough, I think the sleek curve will add a real element of style to now-pedestrian West Pender.
Additionally - though not part of Bentall, neighbouring 1166 W Pender, will align well with this and form a a rather sleek streetscape where there wasn't one before.
I agree that the height restrictions stifle some good designs, but in this case, the new Bentall tower will turn out to be a real addition to the CBD, even if it is not really tall.

[fredinno]

Originally Posted by trofirhen

Even though may claim that this - 1090 - won't be high enough, I think the sleek curve will add a real element of style to now-pedestrian West Pender.
Additionally - though not part of Bentall, neighbouring 1166 W Pender, will align well with this and form a a rather sleek streetscape where there wasn't one before.
I agree that the height restrictions stifle some good designs, but in this case, the new Bentall tower will turn out to be a real addition to the CBD, even if it is not really tall.

...I was talking about yet another Bentall Tower being reported on, not 1090. All of these articles are talking about a 'Bentall 5th Tower'- but ignoring B5, B6 is already being developed on the complex- which is the 5th tower on the block.

I was asking if we're even sure anyone is even talking about a new Tower or not.

[officedweller]

This thread title should be changed to just 1090 West Pender.
The only reason it was called B6 was because the developer is Bentall Kennedy - and they don't even own Bentall Centre anymore.

Remember when 745 Thurlow was also called Bentall 6 (or 7) for a while?

[Changing City]

Originally Posted by officedweller

This thread title should be changed to just 1090 West Pender.
The only reason it was called B6 was because the developer is Bentall Kennedy - and they don't even own Bentall Centre anymore.

Remember when 745 Thurlow was also called Bentall 6 (or 7) for a while?

The developers, BentallGreenOak, are still calling it B6

[officedweller]

Thanks.
That's weird.

[Changing City]

Originally Posted by officedweller

Thanks.
That's weird.

It is a bit. It seems just as odd that b5 wasn't called something else after it was sold off - at least in this case it's still Bentall (or more accurately, it's successor, which these days is part of Sun Life) involved in the development.

[jollyburger]

Just noticed there's a webcam for B6 here:

https://app.oxblue.com/open/bk/1090wpenderst

[officedweller]

Cool, thanks

Originally Posted by Changing City

It is a bit. It seems just as odd that b5 wasn't called something else after it was sold off - at least in this case it's still Bentall (or more accurately, it's successor, which these days is part of Sun Life) involved in the development.

Agreed. You'd think there'd be a tenant wanting naming rights (Teck Mining is up top and may not want its name on the tower). Bell was on the B5 tower during the Olympics.

[jollyburger]

Teck just increased their office space in the tower this year and Slack is moving into B5 as well.

[s211]

Originally Posted by officedweller

Bell was on the B5 tower during the Olympics.

And that's where they got the "B" to re-do the signage to read B5.