IN one of the bigger office leasing deals in recent months, AIG is understood to have leased five floors or about 60,000 square feet at the recently completed South Tower of 78 Shenton Way. CB Richard Ellis is said to have brokered the deal.
AIG is understood to be relocating operations from leased premises at two adjacent buildings on Martin Road in the Mohamed Sultan Road area to the South Tower.
These operations include the entity currently known as American Home Assurance Company. BT understands that the leasing deal involved some ’structuring’. Among other things, 78 Shenton Way’s owner, Germany’s Commerz Grundbesitz Investmentgesellschaf (CGI), is said to have taken over AIG’s remaining lease term at Martin Road.
CGI also owns 71 Robinson Road, which it bought in April last year while still under construction for $743.75 million, reflecting a record price of $3,125 psf of net lettable area. The seller was a joint venture between Lehman Brothers and Kajima Overseas Asia.
Source : Business Times – 23 Sep 2009
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