Grade A office space in Puxi, Shanghai, remains in demand as a robust mainland economy fuels more multinational corporations to expand and relocate to premium buildings.
The 50-storey grade A office tower at Park Place, built by the United States-based Shanghai Cross Ocean Investment on Nanjing Road West in Jingan district, is one of the few developments being offered for pre-leasing.
The US$330 million development also comprises a 34,000 square metre retail complex and a 230-room boutique hotel.
About 40 per cent of the office spaces had been committed, said Patrick Chen, a director at Shanghai Cross Ocean Property, a unit of Shanghai Cross Ocean Investment which was formed by a group of overseas Chinese businessmen in the US.
It is the first property development by Shanghai Cross Ocean Investment
'Half of the area being taken up is from the world's top 500 companies,' Mr Chen said.
While foreign corporations were growing rapidly in Shanghai, Mr Chen said he saw a wave of relocation to new grade A office buildings that provided larger floor plate and modern facilities.
