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IBP, developer ink lease deal

Written by  Tribune [ tribune.net.ph ]
Monday, 21 July 2014 00:00

The Integrated Bar of the Philippines (IBP) recently signed a lease agreement with property developer Ortigas & Co. for a new office project at the Ortigas business district called the IBP Tower.

The deal sets a 35-year lease period and allows Ortigas to build a 26-storey structure within 1,700 square meters of land owned by IBP.

Three floors of the building will be used by the IBP as office space, while the remaining floors will be occupied by business process outsourcing offices and law firms.

The tower, which is expected to be completed on the third quarter of 2016, will be brokered by Colliers Philippines.

“This year, Ortigas & Co. celebrates its 83rd anniversary. We are among the country’s most established organizations that have built commercial and residential landmarks; and while we take pride in what we have achieved by far, Ortigas recognizes that we owe our success to our partners like IBP,” said the firm’s SVP and general manager for real estate division Joey Santos.
Ortigas & Co. currently has 29,000 square meters of office space under its portfolio comprised of the 28,000 square meters in the Ortigas building, as well as Silver City 1, located at Frontera Verde Knowledge Process Outsourcing campus.

Still in the pipeline are Silver City 2 and 3, having 20,000 square meters of space leased to Anthem Solutions and 19,000 square meters at Estancia in Capitol Commons.
The company has also seen growth in its residential portfolio with two new towers being built in the 10-hectare Pasig property, Capitol Commons; first is the 64-storey tower called The Royalton, along with Imperium, deemed a strong contender in the lux segment, having only four units to a floor.

Early in July, Ortigas opened a showroom-café called Viridian Café, which attempts to show the design concept of Viridian — its first vertical development venture within the Greenhills Shopping Center area.

Ortigas & Co. is also the developer behind some of Metro Manila’s well-loved residential communities such as Valle Verde and Greenhills Subdivisions, as well as shopping destinations such as Greenhills Shopping Center and Tiendesitas.                               Ed Velasco
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