One Island East Will Be Main Hub for DBS HK Operations
DBS Bank (Hong Kong) Limited (DBS HK) today signed a lease for more than 220,000 sq ft of Grade A office space at One Island East with Swire Properties. The lease was brokered by Jones Lang LaSalle and is one of the largest lease deals in Hong Kong for the year.
The 70-storey One Island East building is expected to be completed in March 2008. Relocating to One Island East will allow DBS to consolidate its various support office operations into one building and provide a long term occupancy solution in support of the Bank’s drive to build its franchise across Asia.
DBS HK will be an anchor tenant, occupying 11 floors and the lease is for a period of ten years with options to extend.
Commenting on this landmark lease, Amy Yip, CEO of DBS HK said, “By providing a working environment that is modern and conducive, the move to the new building underscores DBS’ commitment to invest in its people. As we grow our business here, we need to provide for our current and future expansion needs. This move further signals our aggressive growth plans in Hong Kong as we expand our businesses to better serve clients in the Greater China region.”
Staff from various locations in the Central Business Districts and Wanchai will make their move in phases to the new office premises starting in middle of 2008. The move is expected to be completed by end of 2009.
Other major tenants who have pre-leased at One Island East include multinational corporations from the financial services, insurance, construction, shipping, marketing and real estate sectors – four of whom are establishing their Hong Kong headquarters in the building. This constitutes over 500,000 sq ft of the 1.25 million sq ft of space that is available.
Director & General Manager of Swire Properties Stephan Spurr said, “The rapid take-up of office space at One Island East indicates the tenant community’s confidence in the building’s top-flight specification, its accessibility, supporting infrastructure, excellent amenities and our management services. Despite the choices available in the market, these pre-lets also pay tribute to the outstanding quality of One Island East and we thank new tenants like DBS for their trust in our pledge to deliver them an office development which meets their business needs on every level.”
One Island East consists of 59 levels of prestige office accommodation, contained within an environmentally efficient glass and stainless steel clad structure. Each typical 22,000 sq ft floor plate enables a highly flexible office configuration. Flanking the space is an extensive landscaped plaza with water features, with immediate access via a connected walkway system to TaiKoo Place and is accessible to the public transportation links. These include proximity to the Tai Koo and Quarry Bay MTR Stations, as well as parking for 1,420 private cars. Surrounding the building itself is an unmatched array of shopping and entertainment opportunities. To this will be added a 300-room hotel to be completed in 2009 and managed by Swire.
Gavin Morgan, Regional Director & Head of Markets of Jones Lang LaSalle commented, “Pre-commitments of this nature are evidence that both demand and sentiment remain strong in the Hong Kong commercial property market. These new commitments also underline Island East’s prominence as a home for the local and multinational business community, and Swire Properties’ commitment to expanding its Grade A offering in a continually improving commercial environment.
“This transaction reaffirms DBS’ focus on its Hong Kong business. Jones Lang LaSalle anticipates that demand will remain strong for One Island East, Hong Kong Island’s only remaining new major commercial development completing this decade, and anticipates further pre-commitments before the building’s scheduled completion at the end of March 2008.”