[photopress:Park_Place.gif,full,alignright]Park Place, a multi-use Grade A office tower, boutique hotel and retail complex in Shanghai’s Jing’an district, has welcomed its first tenants.
The seven companies to sign at the ceremony held on May 23 were CEL. Shanghai Asset Advisors, Faegre & Benson LLP, Hogan & Hartson LLP, chemical firm Lanxess, Paul Hastings Janofsky & Walker LLP, Servcorp, and Toray Industries (China).
At the ceremony, Anthony Couse, managing director of Jones Lang LaSalle, which acts as one of the office leasing agents, said Grade A office space in Shanghai’s Puxi will be in short supply through 2007 and 2008. “With only 243,000 sqm of new supply scheduled for completion in Puxi between now and the end of 2008, we expect vacancy levels to hover around 4% while rents rise by another 25%.”
The building is designed by Japanese firm Kume Sekkei and comprises of 50 floors of offices, The Place Hotel & Spa, and a retail complex of 34,000 sqm.
Source: Shanghai Cross Ocean Property Development