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Case Study

Ocean Towers, Shanghai

Ocean TowersOcean Towers is a modern 25-story, Grade A office building located in Huangpu District within the Puxi core Central Business District of Shanghai. The building is in close proximity to the metro, hotels and retail amenities, a key convenience for tenants. The building also occupies a prominent island site fronting Yan’an Road that is highly visible.

With the total GFA as 50,219 sqm, the property has the GFA of office and retail as 49,282 sqm and 937 sqm respectively.

IMPLEMENTATIONS

On behalf of the Ascendas China Commercial Fund, JLL Shanghai Capital Markets team were appointed to sell the shares of the building, which was acquired by Ascendas with the help of JLL in 2007.

RESULTS

In December 2012, JLL Shanghai Capital Markets team successfully sold 97.58% interest in Ocean Towers from Ascendas to ARA’s ADF II. At a value of USD 303 million (RMB 1.88 billion), this is the largest stabilized commercial office transaction completed in Huangpu District, a bustling commercial and residential area, in 2011.