Marina Bay Financial Centre Secures New Tenants!

COMMERCIAL MARKET

Lego S'pore among latest tenants at MBFC's Tower 3

Marina Bay Financial Centre (MBFC) has secured new leases in its Tower 3 building, which brings the overall commitment level at the tower to 76 per cent, or nearly 960,000 square feet.

Raffles Quay Asset Management (RQAM), the manager for MBFC, said yesterday that the building, which offers 1.3 million sq ft of prime Grade A office space, had secured new tenants such as Lego Singapore, which supplies products of Denmark-based firm Lego, and New York-based international legal firm Milbank, Tweed, Hadley & McCloy LLP.

Earlier this month, BT reported that French banking group CIC, now located in Market Street, had signed a lease to take up 31,000 sq ft of space on the 37th floor of Tower 3.

The new tenants will join existing ones such as DBS Bank, Ashurst LLP, Clifford Chance, WongPartnership, Mead Johnson and McGraw-Hill in the 46-storey tower.

Said Warren Bishop, chief executive of RQAM: "We continue to see a healthy pipeline of interest from companies and prospects for Tower 3 who want to be part of this . . . development.

"With Singapore being positioned as the Asian financial gateway, we are confident that MBFC remains the choice location for multinational corporations."

RQAM also said yesterday that the 179,000-sq-ft Marina Bay Link Mall, the retail component of MBFC, is now 100 per cent leased.

Urban Redevelopment Authority data indicates that the net increase in demand for islandwide office space for the third quarter of this year was 764,237 sq ft, taking the figure for the first nine months to 1.69 million sq ft.

The figure for last year was 2.3 million sq ft.

On the supply side, CBRE estimates that this year, 1.4 million sq ft of office space would be built, down from last year's three million sq ft.

Next year, some 2.6 million sq ft of offices are slated for completion from projects such as Asia Square Tower 2 in the central business district, Jem next to Jurong East MRT station and The Metropolis in Buona Vista.

Source: Business Times –15 November 2012