The world largest digital infrastructure company Equinix, has just committed to lease some 80,000 sq ft in 79 Robinson Road (pictured above). This building is the high-end redevelopment of the old CPF Building. It is a joint development between Capitaland and Japanese partners Mitsui & Co, along with Tokyo Tatemono & Co.
Equinix is currently located in two buildings, namely Robinson Point where they have around 12,000 sq ft spread over several floors, and Cross Street Exchange (fka China Square Central) where they occupy a whole floor of around 17,000 sq ft. So the move is both a consolidation / rationalization, as well as a major expansion and upgrade.
The floor plate for 79 Robinson Road is around 22,000 sq ft, so they will be arranged on multiple floors. The building has a total net lettable area of approximately 518,000 sq ft, of which 80% has been leased out. Other tenants include Bridge+, Capitaland’s wholly owned co-working flexible workspace business unit, which will take up some 56,000 sq ft, Allianz, EFG Bank, Howden Insurance, Scottish drinks firm William Grant & Sons and Japanese law firm Nishimura & Asahi (S) LLP.
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Lazada secure 3 floors in 5One Central (51 Bras Basah Road): E-commerce company Lazada Group is one of the largest tenants currently located in AXA Tower, which is scheduled for redevelopment in November 2021.
Like many of its neighbours, they have been outsourcing for new office premises to relocate to next year. They have recently secured three whole floors in 5One Central, totaling 66,000 sq ft. The building was formally known as Manulife Centre.
This is a shrewd choice, as the building offers super large, efficient square floor plates of around 22,000 sq ft. Connectivity could not be better, with an MRT station right in front of the building and many amenities, including restaurants and hotels, nearby.
Coincidently, another e-commerce company Zalora, which specialize in fashion apparel, relocated here last year from Keppel Towers, another building scheduled for redevelopment. WeWork has also secured significant space in the building. The building is 12-storeys high, and most of the higher floors have been leased out, with only 9/F remaining for lease. Most of the remaining space available is on the lower floors between 2/F and 4/F.
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Corporate Locations is very proud to have acted for Nikon Singapore in recently sourcing their new Southeast Asia head office. Early in 2021 Nikon will be relocating from Mapletree Anson to 18 Tai Seng, the relatively new prestigious mixed development directly above Tai Seng MRT station, which is on the Circle line.
This was a particularly astute deal as they took advantage of being able to qualify as a B1 Light Industrial / Business space user. They were able to do this by incorporating a service centre in a substantial part of the premises, and in doing so they were able to achieve substantial rental cost savings as a result.
New B1 / Business Park space these days is just as good as new office schemes, in many cases with high quality finishes, floor to ceiling windows and many amenities within the scheme. However, because the tenants must qualify, based on the industry they are in or specific use of the premises, the market is far more limited, and hence the rental rates can be as much as 60% lower than open market rates for pure office space.
We congratulate Nikon Singapore on securing an excellent deal on such good quality office space, and wish them the very best at their new address.
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Office Market Update Q3/Q4 Oct 2020
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