Thu, Feb 24, 2005 - Page 10 News List

TSE signs lease for four floors in Taipei 101 tower

RELOCATION The exchange will have its office space on the ninth through the twelfth floors as well as a media reception and investors' center on the third floor


The Taiwan Stock Exchange Corp yesterday officially signed a 15-year lease with Taipei Financial Center Corp (台北金融大樓公司) to rent about 4,000 pings of office space in the world's tallest skyscraper.

The stock exchange, one of Taipei Financial Center's shareholders, will take up the 9th to the 12th floors and will also have a media reception and investor lounge on the 3rd floor. It will be the biggest tenant in the tower.

The stock exchange is planning to move in after July, according to its chairman, Wu Nai-jen (吳乃仁).

"Taipei 101 is a key building to help Taiwan develop into a financial center in the Asia-Pacific region ... we also welcome other financial service providers to move into the skyscraper," Wu said at the signing ceremony.

He said he was very satisfied with the leasing prices, but declined to specify the rates, citing the confidentiality required by the contract.

In April last year Taipei 101's management set its premium rates at NT$3,200 per ping.

Harace Lin (林鴻明), president of Taipei Financial Center Corp, said the first tenant is expected to move in sometime in April. He refused to give an occupancy rate or name tenants, saying such idetails will be announced early next month.

It is expected that other Taipei 101 shareholders, such as the China Development Industrial Bank (開發工銀), Chinatrust Commercial Bank (中信銀行), Cathay Life Insurance (國泰人壽) and Taishin International Bank (台新銀行), will also move in.

"The take-up process is in accordance with our expectations ... We estimate that all the space will be filled by the end of next year," Lin said.

At the end of last year, Lin said that 35 percent of the 58,000-ping space had been booked.

Calvin Wang (王治平), managing director of Jones Lang LaSalle International Property Consultants, the leading leasing agent for the building, said the current occupancy rate is higher than that figure.

Wang said Jones Lang LaSalle is very optimistic that the remaining space will be rented faster than expectations, citing the booming demand for office space in Taipei this year.

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