Pacific Place sees strong office tenant take-up

PUBLISHED : Wednesday, 22 August, 2007, 12:00am
UPDATED : Wednesday, 22 August, 2007, 12:00am

Swire Properties says three tenants have leased 60,000 square feet in One and Two Pacific Place in Admiralty, making the average rent at the complex about HK$80 per square foot.

Two new tenants, Lovells, an international legal practice, and Credit Agricole Asset Management, will occupy 31,400 sqft and 11,500 sqft respectively in One Pacific Place.

China Construction Bank, one of the top four commercial banks in the mainland now listed in Hong Kong, will take up 17,000 sqft in the top zone of Two Pacific Place. Societe Generale, a European bank, is also in discussions to take up additional space in Three Pacific Place to meet its expansion needs. Occupying about 105,000 sqft, Societe Generale remains Three Pacific Place's biggest tenant and has become the second largest office tenant in the Pacific Place complex.

'We are happy with the latest office leasing transactions. Pacific Place offices are sought after by reputable financial institutions for their unrivalled location and superior business connectivity,' said Chris Heywood, a senior portfolio manager of Swire Properties.

'The strong demand has resulted in us reaching almost full occupancy, with market rent firmer than ever. It has also enabled further improvements to the profile of Pacific Place's office tenants.'