April 7, 2021
Hong Kong – Manulife Hong Kong today announced it has signed a lease agreement for approximately 145,000 square feet of Grade A office space at International Trade Tower (ITT) in Kowloon East. 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[1], reinforcing Manulife’s strong commitment to Hong Kong and its ambition to accelerate agency growth.
The lease agreement, signed with the landlord, private investment firm PAG, forms part of Manulife’s agency growth plans. Manulife will be one of the anchor tenants in ITT, occupying a total of four floors. Manulife has expanded its agency force significantly in recent years and its hiring spree is ongoing. It had 10,706 agents in Hong Kong at the end of 2020, having more than doubled its agency size during the past decade.
“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, Chief Executive Officer 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.”
ITT will become Manulife’s fourth Grade A office in Kowloon East. Manulife Hong Kong has been based in the Manulife Financial Centre since 2009. It acquired the Manulife Tower in 2013 and expanded its agency offices to The Quayside in 2020. These four working hubs together make the company one of the largest employers in Kowloon East.
Manulife was one of the first multinationals to move its offices to Kowloon East, where it has continuously expanded its presence over the past decade in this new Central Business District (CBD2). Located just three minutes’ walk from Ngau Tau Kok MTR station, the new office lies at the heart of Hong Kong’s CBD2. The CBD2 forms part of the government’s long-term strategy to grow Hong Kong as a smart city.
ITT was completed in 2018. The building is designed to minimize its environmental footprint and maximize the wellbeing of its occupants with its iconic and minimalist visual identity.
“We are very proud to have Manulife - a multinational premium brand with deep roots in Hong Kong, as ITT’s anchor tenant. 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,” said Claire Chan, Managing Director at PAG. “As major stakeholders in CBD2, we look forward to working with Manulife together in contributing to the sustainable development of this area.”
“As Manulife’s long-term leasing partner, we are delighted to be able to help support their business growth by securing office space in ITT,” said Rhodri James, Vice Chairman, Advisory & Transaction – Office Services, CBRE Hong Kong. “ITT is one of the most sought-after Grade-A buildings in Kowloon East offering high-specification and flexible layouts which will allow Manulife to create a sustainable and future-proof working environment for its agents.”
Despite the very challenging market conditions last year, Manulife delivered solid results in the fourth quarter, which saw core earnings rise 10% year-on-year to HK$1.8 billion – the 14th consecutive quarter that Manulife Hong Kong has recorded year-on-year growth in core earnings.
“Manulife’s agency network has demonstrated strong resilience as reflected in our solid business performance in 2020,” said Mr. Green. “Looking forward, we remain committed to serving the growing health and retirement needs of Hong Kong people to make their lives every day better.”
[1] Based on statistics of CBRE Hong Kong
