7 December 2007
07 December 2007 - JSM advised City Lion Investment Limited, a wholly-owned subsidiary of Sun Hung Kai Properties Limited, in the leasing of approximately 300,000 square feet of office space in the International Commerce Centre ("ICC") to Credit Suisse for an initial term of 12 years. This transaction represents another one of the largest standalone leasing transactions in Hong Kong.
The transaction involves complicated rights of first refusal, expansion rights and surrender rights. Over 20 documents were prepared to give effect to the transaction.
JSM also acted for Sun Hung Kai in its leasing of over 350,000 square feet of office space in ICC to Morgan Stanley in August 2007.
ICC is part of Packages 5, 6 and 7 the Kowloon Station development, known as "Union Square". The 118-storey mega tower, with 2.5 million square feet of office space and an 800-room Ritz Carlton Hotel, will be Hong Kong's newest landmark. The tower will be completed in Phases. Phase 1 will be completed in 2008 and the final phase is expected to be completed in 2010. Credit Suisse is expected to move some of its staff to ICC during the second half of 2008 and its entire Hong Kong operations to ICC by 2011.
JSM acted for Sun Hung Kai in the development agreement with MTR Corporation Limited and in the hotel management contract with Ritz Carlton. JSM have been instructed to act in the leasing of all the office spaces in ICC.