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Top firms move with the Times

Billy Adams

MORE top firms could be set to relocate to the new Times Square complex, it has been revealed.

Leasing agent First Pacific Davies is negotiating with five companies on a move to the Causeway Bay site.

Director Mr Michael Laven said around half of the 200,000 square feet under negotiation involved firms based in Central.

''Deals could be finalised within the next two months,'' he said.

Shell Hongkong is to leave Central and set up new corporate headquarters in Times Square where it has leased 80,000 sq ft.

Hoechst China is also taking 27,000 sq ft of the 450,000 sq ft available in Shell Tower - one of two towers which make up the giant office and retail complex.

Mr Laven said firms were keen to move to the site because of the lower rental rates on offer.

Rates of $25 to $40 per square foot in Causeway Bay compared favourably with the higher $50 to $60 band in Central.

He said high quality Grade A accommodation available at Times Square would be difficult to find in the area in a few years time.

''We have already leased out around 150,000 sq ft,'' he said.

The building is expected to get its occupation permit next month.

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