The
space is on levels 13, 14 and 15 of the 46-storey building, but it is possible
that Allianz may also take up the 12th floor, which would expand its footprint
in the building to 120,000 sq ft.
Allianz
is expected to finalise the size of its space at Asia Square by the end of
January next year.
Industry
watchers say that the transaction is the biggest office leasing deal in the CBD
since Marsh & McLennan leased 97,000 sq ft at Asia Square Tower 1 last
year.
The
latest leasing transaction is also the first for Asia Square Tower 2, which is
slated to receive Temporary Occupation Permit (TOP) in Q3 next year. The tower
will have 790,000 sq ft net lettable area of Grade A offices on levels 6-31.
A
305-room Westin hotel will occupy levels 32-46. Retail space will fill the
first two levels.
Allianz
will move into Asia Square at end-2013. This will be a consolidation for the
group, which will exit two existing locations - Centennial Tower and Prudential
Tower. Its space at Asia Square will also allow for some expansion.
The
tower's large floor plates of about 30,000 sq ft means Allianz can house more
than 500 employees on just three levels - allowing greater efficiency and
collaboration across teams.
"We
will benefit from having all our different lines of business housed under the
same roof. This move underscores Allianz's commitment to this market and
recognises Singapore's importance as a major financial hub and international
business centre," said Gesa Walter, regional general manager, corporate
communications, for Allianz SE.
One
of Singapore's most sustainable commercial developments, Asia Square has
clinched Leadership in Energy & Environment Core & Shell (LEED-CS)
Platinum certification from the US Green Building Council, in addition to a
Green Mark Platinum award from Singapore's Building and Construction Authority.
Said
Ms Walter of Allianz: "Finding office space with built-in energy-efficient
features supports our commitment to contribute to a low-carbon future."
The
developer, MGPA, a private equity real estate investment advisory group focused
on Asia-Pacific and Europe.
MGPA
declined to comment on the rent Allianz will be paying or the duration of its
lease. Making an educated guess, a seasoned office agent reckons that Allianz's
per square foot (psf) monthly rent would be in the "high single
digit" - considering that it is the maiden tenant in the tower and the
quantum of space it is leasing.
Mark
Rada, project director at Asia Square, told The Business Times that rents in
Tower 2 are still on a case-by-case basis as completion is not due till Q3
2013. However, in the development's 43-storey first tower, which received TOP
in June last year, MGPA is now asking for monthly rents of $12-15 psf, he
revealed.
"We
have four whole floors (levels 36 to 39) available, plus a few smaller pockets
of space throughout the building which are all currently under offer,"
said Mr Rada.
Currently,
82 per cent of Tower 1's 1.25 million sq ft net lettable area of offices has been
leased. Tower 1 also includes a Food Garden, which is patronised by more than
6,000 people daily on weekdays - "well above our expectations", said
Mr Rada.
Tower
2 will have 40,000 sq ft of retail space of Levels 1 and 2 - of which one-third
has been pre-committed, he said.
"We're
trying to select the best tenants to meet the needs of the office population
within the two towers and neighbouring buildings."
Source: Business Times –14 December 2012
No comments:
Post a Comment
No Spam, No Abusive Languages. Thank you for your cooperation!