Executives for British Columbia's provincial vehicle insurance provider considered a number of sites before deciding on a mass-timber building for what it calls a "generational move" of its Vancouver headquarters.
The crown Insurance Corporation of British Columbia, launched in 1973 to provide compulsory public auto insurance, was looking for a central location near transit and housing for its employees in planning to relocate from a building that has been its home since 1980.
ICBC found just what it was looking for at The Hive, 10-storey building at 2150 Keith Drive near SkyTrain’s Millennium Line in Vancouver's False Creek Flats neighbourhood.
The organization signed a 15-year deal to move from North Vancouver — where it has occupied 300,000 square feet at 151 West Esplanade Ave. for the past 45 years — into just over half that amount of space at the new building expected to finish construction this year.
ICBC executives say the move will help attract and retain employees by providing more direct access to transit and affordable housing. The relocation is expected start next year and provide an economic shot in the arm and catalyst for more development in the neighbourhood.
The size and scale of the move expected to efficiently consolidate the ICBC's workforce at a modern and sustainable new headquarters earned the deal a 2025 CoStar Impact Award for lease of the year, as judged by real estate professionals familiar with the market.
About the project: The 10-storey Hive's mass-timber construction is designed to set new milestones for wellness, energy efficiency and mass-transit accessibility in Vancouver. The tenant and landlord, BGO, formerly BentallGreenOak, overcame several challenges in securing permits from the city before signing the deal.
What the judges said: "The deal represents a major move to modern, high-quality offices for ICBC, one of the province's long-standing institutions," Irfan Shariff of Hungerford Properties said, adding that that the success of The Hive "will have a major impact on the continued development of the False Creek Flats area." Liz Firer-Gillespie of Nicola Wealth Real Estate said the move represents "a flagship deal that will position ICBC to be more competitive in attracting talent in the future."
They made it happen: Bart Corbett and Jordan Corbett of Cushman & Wakefield represented Insurance Corporation of British Columbia in lease negotiations. Marco DiPaola of Colliers represented the landlord.