Located in Toronto’s Financial District, an area largely defined by glass towers and corporate culture, the iQ Offices at 302 Bay Street present one of the city’s most compelling new workplaces, blending historic character with a contemporary sensibility. Designed for one of Canada’s leading co-working companies, the project carefully transformed the historic 15-story, early 20th-century banking landmark once known as the Crown Trust Building through a thoughtful approach to preservation and modernity.
Now designated as a heritage property, the building reflects a significant chapter in Toronto’s architectural and financial history, carrying forward its legacy into a new era of workplace design. The large-scale renovation took almost two years to complete, reviving the structure to usher in a new era of the office, with all floors now complete and open to members. The project artfully combined restoration and modernization, preserving historically significant elements while introducing new systems and layouts that support both the building’s functionality and its elevated workplace experience.
The new office presents a hospitality-driven co-working destination where Art Deco opulence meets the intimacy of a boutique hotel. The space seamlessly fuses heritage charm with contemporary innovation, reimagining the workplace through an experiential lens where how the environment feels is just as important as how it functions.
Expertise in Heritage Restoration
Global design firm Arcadis provided full design services for the club floors, encompassing levels one through three. ERA Architects served as the heritage consultant, guiding the preservation and restoration of historically significant elements within these spaces. For the upper floors, Arcadis led the back-to-base scope from levels four through 15, establishing the foundational framework for future fit-outs. Following this phase, Pomeroy Architecture carried out the space planning and design development for these floors. Together, the teams brought extensive experience in working with complex heritage buildings, ensuring the restoration respected the building’s historical character while thoughtfully integrating modern design solutions to support the needs of today’s workforce.
Rather than treating the building’s heritage as a backdrop, the design positions it as the driving force. The project carefully honors the building’s historic character through the preservation of key architectural elements, including decorative plaster ceilings, grand proportions, and richly detailed finishes that reflect the building’s legacy as a prominent financial institution. Heritage materials, such as stone, marble, and metal detailing, are celebrated rather than concealed, allowing the space to retain its authenticity while being reimagined for contemporary use. Where restoration was required, the team worked with specialized craftspeople to repair decorative plasterwork and restore original finishes, ensuring the building’s historic material palette remained intact. These elements are highlighted as authentic traces of the building’s legacy, while new elements are introduced with clarity and purpose to reinforce the dialogue between past and present.
Reimagining the Historic Banking Hall
At the core of the project is the restoration of the building’s iconic Banking Hall into a sophisticated grand lobby. Original Art Deco detailing, from decorative plaster ceilings and monumental proportions to richly crafted material expression, has been carefully retained and elevated through restrained contemporary interventions. The hotel-like arrival incorporates vintage-inspired furnishings, layered lighting, and carefully scaled lounge settings soften the grandeur without diminishing it, creating a space that feels both timeless and distinctly current.
A dramatic spiral staircase acts as both a heritage feature and a spatial anchor, connecting members to the mezzanine level as an extension of the lobby. This gesture reinforces a sense of vertical movement through the historic volume, guiding visitors from the ceremonial Banking Hall into a series of progressively more intimate working environments above. The ascent naturally transitions into the building’s layered, club-like experience, offering semi-private lounges, breakout areas, and meeting rooms that support informal collaboration and quiet meeting rooms. The third floor is dedicated to a conference suite tailored for board meetings and high-impact presentations. From the fourth floor onward, the building opens into flexible private offices and shared workspaces defined by warm wood tones, glass partitions, and dedicated kitchens and amenities on every level to promote productivity and community.
A Workplace Designed for Experience and Well-Being
Wellness and lifestyle programming further reinforces the hospitality-driven concept, including access to a thermal therapy room featuring a sauna and cold plunge pool, a game room with a billiard table, and a rooftop patio with panoramic city views. With a more lifestyle-centric approach, the iQ Offices balance performance with well-being, turning work into an experience rather than a routine.
From the Banking Hall lobby to the rooftop, the new iQ Offices reframe the workplace as a destination shaped by heritage, design, and experience, where history is not only preserved, but actively lived. By seamlessly integrating modern elements into the building’s historic bones, the design establishes a space that feels sophisticated yet approachable, demonstrating how adaptive reuse can give historic landmarks renewed relevance in the evolving future of work.
Editor’s Note: Mahsa Saeedi is associate manager, workplace interiors at Arcadis.
