The partnership building TELUS Garden Office in Vancouver issued $225 million in green bonds in July 2015– the first time in North America green mortgage bonds have been used to support real estate financing. Proceeds raised by the 500 Georgia Office Partnership, the joint venture of TELUS and Westbank building TELUS Garden, was used to retire short-term construction financing for the office tower.

The privately-placed 3.40 per cent 10-year bonds will mature on July 22, 2025. The green bond issue includes senior notes secured by the environmentally and technology-advanced office tower.