Bookmark & Share
Social network giant Facebook is moving to South Beach Tower when its current lease at 158 Cecil Street expires at the end of the year, according to media reports.
CommercialGuru understands that Facebook is in the advanced stages of negotiations to ink a lease at the 34-storey South Beach Tower where it will occupy a 70,000 sq ft office space – roughly double the space it now occupies at its Cecil Street premises.
South Beach Tower is part of a 99-year leasehold mixed development owned by a consortium between Singapore’s City Developments and Malaysia’s IOI Group.
In December, the consortium indicated an 80 to 90 percent commitment rate for the tower’s 500,000 sq ft NLA of offices. It also said that it has reached rents of S$9 to S$12 per sq ft per month.
If the lease agreement with Facebook materialises, the social network group is set to become the building’s biggest tenant. Currently, the confirmed tenants include Bain & Company, Rabobank, Boeing , TMF Group, and pharmaceutical company Sanofi.
Image: Artist’s impression of South Beach
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
Tanjong Pagar Centre office, retail spaces launched today