Providing assurance

The Bank of Canada is undergoing a major renewal fit-out project. 

Key information

Date started: 2011

Completion date: 2017

Client’s requirements

Canada’s federal bank, headquartered in its capital Ottawa, has significant architectural history. The original building, was designed in 1938 with an addition created to redefine the building in 1970s by renowned Canadian architect Arthur Erickson. His vision saw the original building being partially enclosed by a large indoor atrium and extended with two glass towers. The recent major renewal project included the fit-out of over 840K square feet of high end office space, meeting rooms, museum space, and conference space. In addition the project included the fit-out of an additional 300K square feet of temporary relocation office space. As a semi-public body the Bank of Canada was committed to delivering a project which demonstrated value for money.

  • 836,000 square feet of total space
  • x20 delivered over 20 times our fee in change order reviews

Our contribution

We provided the full range of cost management services including estimates at business case, feasibility and concept, schematic, design development, and contract document stages. To engineer value at the design stage, we completed an in-depth cost benchmarking exercise, demonstrating comparative market costs against detailed design specifications. As the project progressed we were closely involved in cost control, producing procurement and contract strategies, budgets and reconciliations, cashflow analysis, monthly payment certification, and risk analysis. As part of the Advisory team we reported to the Board Oversight Committee, and made presentations directly to the Deputy Governor of the Bank.

Making the difference

In the preliminary design and contract stages we produced parallel estimates that demonstrated the guaranteed maximum price should be reduced by over CAD30m. We led the negotiations which resulted in achieving these savings. Our primary responsibility was to provide assurance that the Bank was receiving fair market value from its construction partners by providing due diligence through contract procurement and third part assessment of changes. We also supported the Bank of Canada throughout their contract negotiations by providing detailed market information on opportunities for cost savings. Our proactive approach continued into the construction phase when we generated over CAD2m in savings from change order reviews.

"Given the unique heritage components and historical significance of this building, this project was of great importance to the Canadian business in establishing ourselves as reputable and knowledgeable in delivering effective services catered to the Bank of Canada’s specific needs."

For further information contact:

Sarah Gilmour
Marketing & Communications Manager

t: +1 416 925 1424