CBD office block 35% leased or under offer

Property Guru – Fri, Jul 29, 2011

The 16-storey 137 Market Street building is approximately 35 percent leased or under offer to potential tenants, according to The Business Times.

The report revealed that the monthly rental rates in the office block are believed to be around S$8 psf on average, adding that Jones Lang LaSalle (JLL) has been appointed as the sole leasing agent for the office block.

The renovated building obtained its Temporary Occupation Permit (TOP) earlier this month and has a total net lettable area (NLA) of approximately 43,000 sq ft. Its typical office floor-plate measures around 2,800 sq ft.

Among the tenants that are said to have signed up are VoskampLawyers (leasing one floor), Classic Fine Foods (half a floor) and a hedge fund (one floor).

Meanwhile, Dimbullah Coffee, a coffee shop which has been operating in Singapore's CBD for more than eight years, has leased the ground floor's entire 800 sq ft retail space.

Owned by Grace Global Ventures I Pte Ltd, 137 Market Street is the first boutique CBD office development to secure the Building and Construction Authority's (BCA) Greenmark Gold Plus certification, according to Jones Lang LaSalle.

"The building has drawn interest due to exclusivity - tenants prepared to take 2,800 sq ft can occupy the whole floor — attractive location near Raffles Place MRT Station and its green credentials," said Chris Archibold, JLL's Head of Markets.

"We've seen an increase in the number of occupiers considering buildings with sustainable components as part of their search for new premises to not only reduce their carbon footprint but also to benefit the well-being of their staff and reduce overall operating costs."

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