Manulife HK signs blockbuster office lease deal

Grade A office space deal is Hong Kong's largest in the past 20 months

Manulife HK signs blockbuster office lease deal

Insurance News

By Gabriel Olano

Manulife Hong Kong has signed a lease agreement for approximately 145,000 square feet of Grade A office space at International Trade Tower (ITT) in Kowloon East.

According to a statement by Manulife, this is Hong Kong’s largest Grade A office leasing deal since July 2019 and the largest in Kowloon East since April 2018 in terms of net floor area. This, the company said, reinforces its commitment to Hong Kong and its ambition to accelerate agency growth.

The lease agreement, signed with the building’s owner PAG, is part of Manulife’s plans to grow its agency channel. Manulife will become one of the anchor tenants of ITT, occupying a total of four floors. Over the past years, Manulife Hong Kong has continuously grown its agency force, with 10,706 agents by end-2020, more than double the number a decade ago.

“We are excited to conclude this lease deal as part of our plan to accelerate our agency expansion and further support our continued growth,” said Damien Green, CEO of Manulife Hong Kong and Macau. “It has been our goal to achieve annual double-digit growth in our agency force to meet increasing customer demand for protection. This also reaffirms Manulife’s long-term commitment to our ambitious growth agenda in Hong Kong and solidifies our leadership in the financial industry.”

The newest office in ITT will become Manulife’s fourth Grade A location in Kowloon East. The insurer has been based in the Manulife Financial Centre since 2009, before acquiring the Manulife Tower in 2013 and expanding its agency offices to The Quayside in 2020. According to Manulife, these four working hubs together make it one of the largest employers in Kowloon East.

ITT, which was completed in 2018, is a three-minute walk away from Ngau Tau Kok MTR station. It is located at the heart of Hong Kong’s new central business district (CBD2), which forms part of the government’s long-term strategy to grow Hong Kong as a smart city.

“We are very proud to have Manulife – a multinational premium brand with deep roots in Hong Kong – as ITT’s anchor tenant,” said Claire Chan, managing director of PAG.

“We believe this best-in-class workspace, in a thriving neighbourhood, will help bolster the wellbeing of Manulife agents and support the company’s future development. As major stakeholders in CBD2, we look forward to working with Manulife together in contributing to the sustainable development of this area.”

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