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Credit Union Central of Canada

Credit Union Central of Canada (Canadian Central) is the national trade association for the Canadian credit union system. Incorporated in 1953 by a special act of Parliament, Canadian Central is regulated under the nation’s Cooperative Credit Associations Act. As the national voice and forum for the Canadian credit union system, Canadian Central actively leads or participates in initiatives that build successful, competitive, and thriving credit unions throughout Canada.

The Challenge

Canadian Central was one of the original tenants in the Valhalla Executive Centre, based in Etobicoke, Ontario. Since moving into the centre in the 1970's, the organization had expanded, contracted, reorganized and refurbished the space, which resulted in an outdated and inefficient layout that had spread over more than a full floor. Having spent more than 30 years in the same location, the time had arrived for Canadian Central to find a new location that was not only more efficient for its daily operations, but better represented its prestigious brand. Canadian Central engaged Savills Studley to assist in developing a dynamic real estate solution that would promote the organization’s corporate vision and business plan objectives.

Savills Response

After employing its FLOW™ process to conduct a detailed review of Canadian Central's existing facilities and comparing it with the driving forces behind its new objectives, Savills developed a transformative real estate strategy that would move the company from its remote suburban location to a core business district more conducive to its long-term goals and progressive business vision. Early in the process, Savills engaged the services of its Project + Design team to ensure future design also would align with Canadian Central’s business plan and vision.

Savills knew an urban location would allow Canadian Central to attract next generation employees from an ever-increasing pool of talented young individuals who are taking advantage of the demographic shift toward downtown living. It would place Canadian Central closer to its business partners, competitors and trade associations and enable the organization to mould the new facility to accommodate its dynamic business needs and demands.

Savills proven process uncovered a solution in the heart of Toronto’s downtown corridor. Employing creative financing techniques, Savills successfully negotiated a long-term lease with Brookfield that enabled Canadian Central to occupy and build out its space, commence operations on a rent-free basis prior to the expiry of its existing lease, and operate net rent free for more than five months thereafter.

The Savills Project Management and Design team developed and managed the construction of a substantially more efficient layout that reflected Canadian’s Central’s brand and objectives.

The Solution

Savills identified, delivered and outfitted an elegant solution on time and under budget. Canadian Central now occupies a single full-floor suite in the heart of Toronto’s vibrant business district that exceeds its original vision. Closer to business partners, competitors and trade associations, Canadian Central has leveraged its stronger physical position to advance its brand as an industry leader. In addition, employees and business visitors enjoy close proximity to hotels and restaurants as well as convenient PATH connections and other major transportation nodes that provide multiple public transportation options.

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Key contacts

Stan Krawitz

Stan Krawitz

Vice Chairman – Founder, Head of Canada

Savills Toronto

+1 416 480 0745 Ext. 3030

 

Ken Norris

Ken Norris

Senior Vice President, Branch Manager – Ontario Office

Savills Toronto

+1 416 480 0745 Ext. 3047

 

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