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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