Vestcor Inc. Relocating to New Office Space in 2020 | June 2020
June 15, 2020
Having completed the full integration of its investment, pensions and benefits administration business units, Vestcor Inc. (Vestcor) has chosen to move forward with new office space that will better align with the strategic goals and direction of the organization.
Vestcor has been able to take advantage of the upcoming lease expiration options of their long serving existing office space to move to a new more efficiently designed development. It will allow Vestcor to create more open workspaces and well thought out meeting rooms, the ability to employ a more enhanced technology and cyber-security environment, and to provide more efficient space for use by our client groups. This workspace will also allow room for additional growth in our business and the services we provide to our clients, while also providing for operational flexibility with current social distancing requirements.
In partnering with a local commercial real estate developer and manager, Ross Ventures Ltd., Vestcor was provided with the opportunity to invest directly on behalf of a number of its client groups in an attractive, local real estate opportunity in which they are also a significant tenant.
“While we have integrated our day-to-day processes and long-term strategic priorities, our staff remain somewhat physically separated in our current office configurations. This new space allows us to better integrate our organization physically, leading to further process improvements and better enabling our ability to innovate. It also provides a more welcoming and efficient space in which to host our client and plan members activities” said John Sinclair, President and CEO, Vestcor. “Being able to take advantage of a more efficient workspace while investing in a local development project on behalf of our clients has been a very positive opportunity.”
The 90,000 square foot office tower, located at 140 Carleton Street in Fredericton, NB, is a concrete cast-in-place building with a glass curtainwall. Built with an abundance of natural light and energy efficiency in mind, it meets BOMA certified international guidelines for design and environmental standards. The project was designed by a New Brunswick based architectural firm and the construction activities have included a significant contribution from local labour resources.
In addition to Vestcor, a series of other professional service businesses are expected to also be leasing space in the 5-storey office tower. Construction is slated to be completed in the late summer of 2020.
Vestcor Office Space Summary
- Total useable floor space of 33,600 square feet over two floors
- Vestcor employee workspace allocation of 25,600 square feet, including an upgraded financial markets trading floor area of 3,200 square feet.
- 164 independent workstations
- 15 individual offices
- Client and Member activity floor space allocation of 3,700 square feet
- Four separate meeting areas of various sizes
- Other support activity space (meeting rooms, information technology server facility, records
retention area, nutrition space, etc.) allocation 4,300 square feet
Vestcor was created through Province of New Brunswick legislation in July 2016 (the Vestcor Act). The N.B. Investment Management Corporation and the operations of the Pension and Employees Benefits
Division of the Province of New Brunswick’s Department of Human Resources were amalgamated into one integrated entity named Vestcor Inc.
Its team of approximately 140 New Brunswick-based service professionals provides innovative, cost-effective investment management and pension and benefits administration services solutions to public sector entities.
Located in Fredericton, New Brunswick, Vestcor provides as of December 31, 2019:
- Global investment management services to nine different public-sector client groups representing approximately $18.5 billion in assets under management; and
- Administration services to 11 public sector pension plans and 5 employee benefits plans, representing approximately 99,000 individual members and 140 employer groups.
More information on our organization can be found at www.vestcor.org.