mr funny
01-08-11, 01:55
http://www.businesstimes.com.sg/sub/suite/story/0,4574,449586-1311883140,00.html?
Published July 28, 2011
137 Market St 35% leased or under offer
By KALPANA RASHIWALA
(SINGAPORE) 137 Market Street, the spruced up former Bank of East Asia Building, is about 35 per cent leased or under offer to potential tenants. Monthly rental rates in the 16-storey office block are said to be going for about $8 per square foot (psf) on average.
The refurbished building, which received its Temporary Occupation Permit earlier this month, has a total net lettable area of about 43,000 sq ft with a typical office floor-plate of about 2,800 sq ft.
The tenants signed up so far are said to include Dutch law firm VoskampLawyers, which has leased a floor; Classic Fine Foods, which has taken half a floor; and a hedge fund, which has also taken a floor.
Dimbullah Coffee, a gourmet coffee chain that has operated in Singapore's CBD for over eight years, has leased the entire 800 sq ft retail space on the ground floor.
137 Market Street is owned by Grace Global Ventures I Pte Ltd, which carried out extensive addition and alteration works on the former Bank of East Asia Building as part of the project's green initiatives. 137 Market Street is the first boutique CBD office development to be awarded the Building and Construction Authority's Greenmark Gold Plus certification, said Jones Lang LaSalle, which has been appointed sole leasing agent for the office block.
'The building has drawn interest due to exclusivity - tenants prepared to take 2,800 sq ft can occupy the whole floor - attractive location near Raffles Place MRT Station and its green credentials,' said JLL's head of markets, Chris Archibold.
'We've seen an increase in the number of occupiers considering buildings with sustainable components as part of their search for new premises to not only reduce their carbon footprint but also to benefit the well-being of their staff and reduce overall operating costs,' noted Mr Archibold.
The building does not have any car park lots just like some other old office buildings in the CBD. However, its proximity to Raffles Place MRT Station should help to cater to tenants' transportation needs, said market watchers.
Analysts also noted that the location is undergoing a rejuvenation. CapitaCommercial Trust has shut its Market Street Car Park and will redevelop the site into a Grade A office tower by end-2014.
Tuan Sing also bagged the Urban Redevelopment Authority's provisional permission last month to redevelop Robinson Towers, its Annex building and the 13-storey International Factors Building next door into an office/shopping development comprising about 253,275 sq ft gross floor area of offices and 4,090 sq ft of shop space.
Published July 28, 2011
137 Market St 35% leased or under offer
By KALPANA RASHIWALA
(SINGAPORE) 137 Market Street, the spruced up former Bank of East Asia Building, is about 35 per cent leased or under offer to potential tenants. Monthly rental rates in the 16-storey office block are said to be going for about $8 per square foot (psf) on average.
The refurbished building, which received its Temporary Occupation Permit earlier this month, has a total net lettable area of about 43,000 sq ft with a typical office floor-plate of about 2,800 sq ft.
The tenants signed up so far are said to include Dutch law firm VoskampLawyers, which has leased a floor; Classic Fine Foods, which has taken half a floor; and a hedge fund, which has also taken a floor.
Dimbullah Coffee, a gourmet coffee chain that has operated in Singapore's CBD for over eight years, has leased the entire 800 sq ft retail space on the ground floor.
137 Market Street is owned by Grace Global Ventures I Pte Ltd, which carried out extensive addition and alteration works on the former Bank of East Asia Building as part of the project's green initiatives. 137 Market Street is the first boutique CBD office development to be awarded the Building and Construction Authority's Greenmark Gold Plus certification, said Jones Lang LaSalle, which has been appointed sole leasing agent for the office block.
'The building has drawn interest due to exclusivity - tenants prepared to take 2,800 sq ft can occupy the whole floor - attractive location near Raffles Place MRT Station and its green credentials,' said JLL's head of markets, Chris Archibold.
'We've seen an increase in the number of occupiers considering buildings with sustainable components as part of their search for new premises to not only reduce their carbon footprint but also to benefit the well-being of their staff and reduce overall operating costs,' noted Mr Archibold.
The building does not have any car park lots just like some other old office buildings in the CBD. However, its proximity to Raffles Place MRT Station should help to cater to tenants' transportation needs, said market watchers.
Analysts also noted that the location is undergoing a rejuvenation. CapitaCommercial Trust has shut its Market Street Car Park and will redevelop the site into a Grade A office tower by end-2014.
Tuan Sing also bagged the Urban Redevelopment Authority's provisional permission last month to redevelop Robinson Towers, its Annex building and the 13-storey International Factors Building next door into an office/shopping development comprising about 253,275 sq ft gross floor area of offices and 4,090 sq ft of shop space.