Long-term lease is ‘biggest single office lease transaction’ in both value and space take-up in Philippine real estate history
Megaworld, the Philippines’ largest developer and lessor of office spaces, is constructing a 25-storey, build-to-suit office building for the Philippine Global Service Center of JPMorgan Chase Bank, N.A., the leading global banking and financial services provider.
Offering an estimated 70,000 square meters of gross leasable area, it is the country’s biggest single office lease transaction in terms of total space leased to a single company and transaction value.
“Megaworld is proud to build the new home of JPMorgan Chase in Fort Bonifacio as it consolidates its existing Metro Manila operations under one roof – all in a state-of-the-art, prime and green office tower right at the heart of the booming Uptown Bonifacio. This multibillion peso deal with a single company is the biggest in the country’s office leasing industry,” says Kevin L. Tan, chief strategy officer, Megaworld.
“Manila continues to be a major strategic hub for JPMorgan Chase. Through this landmark development, we are able to consolidate our presence to one location, so enabling us to bring our Manila-based employees together, facilitating increased collaboration while also demonstrating our commitment to providing them with various career opportunities within the firm,” says Raoul R. Teh, chief executive officer for the bank’s Philippine Global Service Center.
“We are excited to be part of this new development that sets new benchmarks for sustainability and reaffirms our global efforts to maintaining exceptional working environments with only the best-in-class infrastructure and facilities for our employees,” says Jun L. Nepomuceno, Asia Pacific head of the bank’s Global Real Estate team.
The new development, strategically located along 38th Street corner 9th Avenue in Uptown Bonifacio, is a few meters away from the future Uptown Transport Hub beside Kalayaan Avenue, the proposed Skytrain monorail system that connects Taguig’s Fort Bonifacio to Makati, as well as the future Kalayaan Station of the Mega Manila Subway and the Fort Bonifacio Bus Rapid Transit System.
Featuring highly efficient office floors, innovative technology in building design, and having applied for LEED Gold certification, the facility is designed by UK-based award-winning architectural firm Broadway Malyan.
To be completed in 2021, the iconic tower will be ready for full operations by 2022.
Megaworld remains to be the country’s largest developer of office spaces with a leasable office portfolio of around 1.2 million square meters to date. It has already completed 54 office towers across the Philippines, particularly in key growth areas in Metro Manila, Cebu, Iloilo, Laguna and Davao.