| FOR IMMEDIATE RELEASE | 14th May 2007 |
Swire Properties today (Monday, 14th May 2007) announces the recent signing of two new office leases for Pacific Place, which takes the complex to virtually 100% occupancy. Average effective rents for One and Two Pacific Place currently stand at high HK$70s psf and for Three Pacific Place at mid HK$60s psf.
Natixis, a Euro-based international investment bank with operations in over 68 countries, expands its Hong Kong office in Two Pacific Place to over 40,000 sq ft. The Hong Kong Monetary Authority, at the same time, takes up over 27,000 sq ft in One Pacific Place to meet the expansion of its World Bank Occupier-International Finance Corporation office. The organisations thus join many other international banking and financial services firms who have, over the years, selected Pacific Place as their preferred address in a prime office location.
"We are delighted with the latest office leasing transactions in Pacific Place," said Jolyon Culbertson, Director and General Manager of Swire Properties. "We see sustained strong demand from investment banking, insurance and finance sectors for quality office space in prime areas, and indeed we continue to receive expansion requests from existing tenants. With the tight supply of Grade-A offices in the CBD, the rent of Pacific Place offices is expected to stay firm."
Since the recent opening of Three Pacific Place Link, the Pacific Place complex has further strengthened its position as the prime business location in the hub of Hong Kong. With sophisticated facilities, connectivity, environment and services, Pacific Place has created a strong demand from multinational companies and financial firms experiencing solid business growth and expansion plans in the region.
"The complex's position in the CBD has contributed to almost half of our tenants stemming from the finance and banking sectors," added Culbertson. "The figure is still on the rise, in particular in Three Pacific Place, where the share of banking, finance and professional services tenants has exceeded 60%."
With its emphasis on building excellence, Swire Offices has created major business hubs in Hong Kong, offering business corporations the best facilities, connectivity, environment and services in which to operate.
About Swire Properties
Incorporated in 1972, Swire Properties develops and manages commercial, retail and residential properties which offer exceptional and inviting environments in prime locations, with a strategy to 'hub' its investment properties at major mass transportation intersections, providing the highest level of accessibility and connectivity to its tenants and patrons. The completed portfolio in Hong Kong totals over 13 million sq ft of gross floor area, with Island East, Pacific Place and Festival Walk as its core holdings, reflecting its strength in building communities. Besides Hong Kong, the Company has a presence in China, the USA as well as the United Kingdom.
The Company is a wholly-owned subsidiary of the publicly-listed Swire Pacific Limited whose businesses are grouped under five operating divisions - property, aviation, beverages, marine services and trading & industrial.
Visit Swire Properties web site at www.swireproperties.com
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