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14 May 2007

Pacific Place Offices Heading for 100% Occupancy. Sustaining Demand from Banking and Finance Sectors Reaffirms Central Business Location

Swire Properties announces the recent signing of two new office leases for Pacific Place, which takes the complex to virtually 100% occupancy. Average effective rents for One and Two Pacific Place currently stand at high HK$ 70s psf and for Three Pacific Place at mid HK$ 60s psf .

Natixis, a Euro-based international investment bank with operations in over 68 countries, expands its Hong Kong office in Two Pacific Place to over 40,000 sq ft. The Hong Kong Monetary Authority, at the same time, takes up over 27,000 sq ft in One Pacific Place to meet the expansion of its World Bank Occupier-International Finance Corporation office. The organisations thus join many other international banking and financial services firms who have, over the years, selected Pacific Place as their preferred address in a prime office location.

“We are delighted with the latest office leasing transactions in Pacific Place,” said Jolyon Culbertson, Director and General Manager of Swire Properties. “We see sustained strong demand from investment banking, insurance and finance sectors for quality office space in prime areas, and indeed we continue to receive expansion requests from existing tenants. With the tight supply of Grade-A offices in the CBD, the rent of Pacific Place offices is expected to stay firm.”

Since the recent opening of Three Pacific Place Link, the Pacific Place complex has further strengthened its position as the prime business location in the hub of Hong Kong. With sophisticated facilities, connectivity, environment and services, Pacific Place has created a strong demand from multinational companies and financial firms experiencing solid business growth and expansion plans in the region.

“The complex’s position in the CBD has contributed to almost half of our tenants stemming from the finance and banking sectors,” added Culbertson. “The figure is still on the rise, in particular in Three Pacific Place, where the share of banking, finance and professional services tenants has exceeded 60%.”

With its emphasis on building excellence, Swire Offices has created major business hubs in Hong Kong, offering business corporations the best facilities, connectivity, environment and services in which to operate.