GuocoLand shared that rents at Guoco Midtown range from $11.00 psf per month to $14.00 psf per month.
SINGAPORE (EDGEPROP) - International advertising and PR company Publicis Groupe has leased 55,000 sq ft of Grade A office space at Guoco Midtown, the new mixed-use development at Beach Road at Beach Road by real estate company GuocoLand.
EdgeProp understands that the 55,000 sq ft space comprises one and a half floors at the development’s 30-story office tower, as well as the entire level 2 and level 3 of the project’s conserved former Beach Road Police Station, now known as Midtown House.
According to Colliers International, who negotiated this office deal, average office rents in the Beach Rd / Bugis District are about $9.90 psf per month. The consultancy did not say how much rent Publicis Groupe paid for its new office space at Guoco Midtown. However, GuocoLand shared that rents at Guoco Midtown range from $11.00 psf per month to $14.00 psf per month.
The office tower features a traditional floor plate configuration from the eighth to 29th floors and a landscaped Sky Park on the seventh floor. Each office floor has a central core floorplate of about 30,000 sq ft with an average floor-to-ceiling height of 3.3m.
The Guoco Midtown project comprises the office tower, three retail clusters (Midtown Square, Midtown Market, and Midtown Common), and two condominiums (Midtown Modern and Midtown Bay).
EdgeProp Landlens tabulates nearby rental and sales transactions.
In January this year, GuocoLand received the temporary occupation permit for the office tower. At the time, the office tower was already about 80% pre-committed. Publicis Groupe joins other international companies at Guoco Midtown, such as global shipping company Pacific International Lines, Germany petrochemical company BASF, Chinese Internet technology company NetEase Interactive Entertainment and Liechtenstein’s private bank VP Bank.
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