UBS has clinched a deal to become an anchor tenant in Hong Kong's tallest building, Two International Finance Centre, in Central.
The banking group said it would take six office floors, with a total floor area of about 146,000 square feet, in the 88-storey building at Hong Kong Station for 10 years.
'We expect the relocation will probably take place when the leasing contract [with Hongkong Land] expires by June next year,' a UBS spokesman said.
UBS now occupies 10 office floors at One Exchange Square, with a total floor area of more than 146,000 sqft. It is believed the relocation will put pressure on Hongkong Land to fill the vacant space.
Property consultants expect office relocations to increase as new supply comes on stream and landlords offer attractive rents to draw tenants to fill vacant spaces.
Swire Properties is building Pacific Place Three, with 630,000 sqft of office space, which will be completed next year.