MGPA, the private equity real estate investment advisory company, and financial services provider Axa have agreed terms for Axa to become the anchor tenant for 8 Shenton Way, Singapore.
The building, which has been leased for an initial six year term, will become a key hub for Axa’s Asian operations.
Axa will occupy five whole floors totalling approximately 70,000 square feet, with an option to lease another entire floor of about 14,000 square feet. In addition, approximately 2,400 square feet of space in the main lobby will be converted into Axa’s customer service facility.
The potential aggregate area leased by Axa is approximately 87,000 square feet, which represents about 14 per cent of the total office area available to let.
With the securing of Axa’s tenancy, the committed occupancy for 8 Shenton Way has improved from 83.7 per cent to 92.4 per cent as at 30 June 2010.
8 Shenton Way is a 52-storey Grade A office building located within the central business district and has a net leasable area of about 670,000 square feet.
John Saunders (pictured), MGPA’s managing director, Asia funds, says: “We are proud of 8 Shenton Way and the signing of a prestigious new client in the form of Axa is an endorsement of MGPA’s whole approach to managing its assets.”
Alain Adiceom, chief executive of Axa Insurance Singapore, says: “Axa is excited about this move to 8 Shenton Way. Besides its convenient location with direct access to and from the MRT station, the bigger floor area will mean that we will have more common facilities where the expanding Axa family consisting of employees of Axa Insurance, Axa Life and Axa Regional Centre can interact on a daily basis. Also, as our business is growing, the available space for a bigger customer service centre will serve the needs of our customers.”
