Project Details
Client Represented: Manulife
Location: Manulife Place, 348 Kwun Tong Road, Kwun Tong
Size: 144,000SF
Background
Manulife has an office portfolio of over 1 million square feet spanning three buildings in Kowloon East. In early 2020, Manulife appointed CBRE to develop a new strategy to promote innovative ways of working, utilizing space efficiently and the company’s new global sustainability standards. Where possible, the strategy should also secure strong branding opportunities for Manulife and, at the same time, acknowledge the company’s expansion plans while providing protection against any business contraction.
Challenges
The project was carried out during a time of great uncertainty. Manulife has ambitious plans to expand but the unpredictability of COVID and its long-term impact also meant they needed to limit their exposure in the event of a market downturn.
Outcome
After agreeing on “third-hub” office strategy, CBRE leased 144,000 square feet on behalf of Manulife in the International Trade Tower (ITT). The building was later named Manulife Place with naming rights secured. The lease agreement gave Manulife the flexibility and profile they were seeking to increase their presence in Kowloon East. The space is to be taken in phases, which reduces the occupancy costs for Manulife and keeps pace with the demand for space from different agency teams. CBRE’s ‘ONE CBRE’ service will also support a streamlined transition into new ways of working by providing access to a wide range of professional services including Advisory and Transaction Management, Project Management, Transaction Management and Workplaces Strategy.
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