MGPA and AXA agree terms for major Singapore office lease (SG)

MGPA, the private equity real estate investment advisory company, and AXA, the global financial services provider, have announced that they have agreed terms for AXA to become the anchor tenant for 8 ShentonWay, 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 totaling approximately 70,000 ft² (approx. 6,500 m²), with an option to lease another entire floor of about 14,000 ft². In addition, approximately 2,400 ft² in the main lobby will be converted into AXA's customer service facility.

The potential aggregate area leased by AXA is approximately 87,000 ft², which represents about 14% of the total office area available to let.

With the securing of AXA's tenancy, the committed occupancy for 8 ShentonWay has improved from 83.7% to 92.4% as at June 30, 2010.

8 ShentonWay is a 52-story Grade A office building located within the central business district and has a net leasable area of about 670,000 ft². The excellent visibility, accessibility, and potential for future expansion within the building acted as instrumental factors in influencing AXA's decision to commit to 8 ShentonWay.

John Saunders, MGPA's Managing Director, Asia Funds said: "We are proud of 8 ShentonWay 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, CEO of AXA Insurance Singapore said: "AXA is excited about this move to 8 ShentonWay. 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 Center can interact on a daily basis. Also, as our business is growing, the available space for a bigger Customer Service Center will serve the needs of our customers."

Source: Citigate Dewe Rogerson

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