Bentall's B.C. Tower 20% Leased

VANCOUVER, B.C.-Bentall Corp. says this week it has signed two more significant tenants for its phased 566,000-sf Bentall Five office tower currently under construction in downtown Vancouver. Marsh Canada Limited has leased 34,000 sf and William M. Mercer Limited has leased 21,000 sf for 10 years commencing April 1, 2003. Marsh is a leading risk and insurance services firm, and Mercer is a leading provider of human resource consulting services.

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.