Morgan Stanley aims to move to a new office in Singapore, seeking a bigger space in the financial district to accommodate its expansion.
The US firm is in advanced discussions for five floors at the upcoming IOI Central Boulevard Towers, which would give it certain signage rights, people familiar with the matter said.
The space, which would be able to house about 1,000 people, would cater to Morgan Stanley’s growing number of staff in Singapore, the people said, asking not to be named as the information is private.
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Morgan Stanley’s businesses across Southeast Asia have grown steadily, and it remains positive on the outlook for the region, a spokesman for the firm said.
He confirmed the plan to lease five floors at the new development from late next year, with the location to serve as the bank’s headquarters for Southeast Asia.
Representatives for the developer, Malaysia’s IOI Properties Group Bhd, did not reply to requests for comment.
Morgan Stanley’s expansion is being driven by growth in its fixed-income and wealth businesses, as well as an increase in technology and back-office employees, the people said.
The move to the Marina Bay area, next to the well-known Lau Pa Sat hawker center, would see it take up slightly more than 9,290m2 and move out of its current location, where it has been for more than 25 years, they said.
Global firms are boosting their presence in Singapore to manage or expand their Asian operations. A boom in private banking, family offices and other financial services during the COVID-19 pandemic has bolstered demand for swanky offices in the city-state’s central business district.
In April, the overall grade A vacancy rate in Singapore was 4.6 percent, data from Colliers International Group Inc showed.
That was much lower than Manhattan and Hong Kong.
Demand is likely to continue to come mainly from banking, insurance and financial services, Bloomberg Intelligence analysts wrote in a note last month.
Morgan Stanley would be sharing space at the new development with Amazon.com Inc.
The property comprises 117,058m2 of grade A office space, IOI Properties Group’s Web site says.
The new office would provide the New York-based bank with the latest technology infrastructure and flexible workplace design, the spokesman said.
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