EDMONTON, AB, Oct. 19,
2023 /CNW/ - CWB Financial Group (TSX: CWB) (CWB)
today announced that it will move its national headquarters to
Manulife Place in downtown Edmonton. Renovations will take place in the
award-winning tower at 10180 101 St NW and will include naming
rights and crown signage for CWB.
CWB selected the former Manulife Place for its national
headquarters after ICE District Properties decided not to proceed
at this time with their plans for a new 16-storey commercial
building adjacent to Edmonton's
ICE District Plaza, which included 12 storeys for CWB's new
corporate headquarters. ICE District Properties' decision reflects
the challenging macroeconomic landscape, which includes higher
vacancy rates in downtown locations, compounded by the impacts
of rising interest rates and construction cost inflation.
"Moving to Manulife Place maintains Edmonton as our home and the prominent role
that CWB has within the city's downtown business community," said
Chris Fowler, President and Chief
Executive Officer, CWB Financial Group. "It's a building that will
bear the CWB name and signage, and it represents an economically
positive decision. Our employees will continue to benefit from
nearby amenities, while enjoying building modernizations that
reflect the future of work and enhance our outstanding culture. I
look forward to CWB's continued contributions to attract more
businesses to Edmonton's
downtown."
Tim Shipton, Executive Vice
President, ICE District Properties, added, "ICE District Properties
and CWB remain strong financial partners, mutually committed to the
City of Edmonton. We are grateful
to CWB for its understanding, and we remain committed to building
upon the foundation that ICE District has created in our downtown.
We will have more to share in the near future."
In Manulife Place, CWB employees will benefit from a refreshed
space that will include upgrades to the retail environment and
tenant amenities. CWB's 103rd Street Banking Centre will also move
into the building. Occupancy is scheduled to occur toward the
end of 2025.
About CWB Financial
Group
CWB Financial Group (TSX: CWB) is the only full-service
bank in Canada with a strategic
focus to meet the unique financial needs of businesses and their
owners. We provide our nation-wide clients with full-service
business and personal banking, specialized financing, comprehensive
wealth management offerings, and trust services. Clients choose CWB
for a differentiated level of service through specialized
expertise, customized solutions, and faster response times relative
to the competition. Our people take the time to understand our
clients and their business, and work as a united team to provide
holistic solutions and advice.
SOURCE CWB Financial Group