Acting as the sole agent on behalf of Wing Hang Bank Group, Jones Lang LaSalle’s Capital Markets team has sold Wing Hang Finance Centre, a Grade A office building located in Hong Kong’s CBD. The en-bloc transaction with naming rights was done through a public tender at the value of USD 205 million (HKD 1.6 billion).
As of August of 2013, this was the largest office transaction on Hong Kong Island since the government’s imposition of the double stamp duty in February this year that resulted in a sharp drop in large-scale office transactions worth over USD 128 million (HKD 1 billion).
Wing Hang Finance Centre comprises 27 floors plus one level of basement, with a total gross floor area of approximately 95,557 sq ft (8,877.46 sqm). It is prominently situated in the centre of Wanchai, with close proximity to other major Grade A ofice buildings and some of the city’s most famous hotels.
Joseph Tsang, Managing Director and Head of Capital Markets in Hong Kong said: “Commercial buildings in the Hong Kong CBD that are available for sale en-bloc together with their naming rights have traditionally been a scarcity. This property offers a rare and highly valuable investment opportunity.”