Property developer Megaworld Corp. said Tuesday it will build a 25-story office tower for the global service center of JPMorgan Chase Bank N.A., one of the world’s largest banks.
Megaworld said in a disclosure to the stock exchange the planned office tower in Fort Bonifacio, Taguig City would have 700,000 square meters of gross leasable area, making it the country’s biggest single space leased to a single company and transaction value.
“Megaworld is proud to build the new home of JPMorgan Chase in Fort Bonifacio as it consolidates its existing Metro Manila operations under one roof—all in a state-of-the-art, prime and green office tower right at the heart of the booming Uptown Bonifacio. This multibillion-peso deal with a single company is the biggest in the country’s office leasing industry,” Megaworld senior vice president Jericho Go said.
Raoul Teh, chief executive of JPMorgan Philippine Global Service Center, said Manila continued to be a major strategic hub for JPMorgan Chase.
“Through this landmark development, we are able to consolidate our presence to one location, so enabling us to bring our Manila-based employees together, facilitating increased collaboration while also demonstrating our commitment to providing them with various career opportunities within the firm,” Teh said
The new development, strategically located along 38th Street corner 9th Avenue in Uptown Bonifacio, is a few meters away from the future Uptown Transport Hub beside Kalayaan Ave., the proposed Skytrain monorail system that connects Taguig’s Fort Bonifacio to Makati, the future Kalayaan Station of the Mega Manila Subway and the Fort Bonifacio Bus Rapid Transit System.
The structure will feature highly efficient office floors and innovative technology in building design and expects to receive LEED (Leadership in Energy and Environmental Design) gold certification.
The office tower, to be completed in 2021, will be ready for full operations by 2022.
“We are excited to be part of this new development that sets new benchmarks for sustainability and reaffirms our global efforts to maintaining exceptional working environments with only the best-in-class infrastructure and facilities for our employees,” Jun Nepomuceno, Asia Pacific head of the bank’s global real estate team, said.
Megaworld is the country’s largest developer of office spaces with a leasable office portfolio of around 1.2 million square meters.
It already completed 54 office towers across the Philippines, particularly in key growth areas in Metro Manila, Cebu, Iloilo, Laguna, and Davao.