In a first for the commercial real estate industry in Sri Lanka, the Shangri-La Group — one of the world’s premier developers, owners and operators of hotel and investment properties — has appointed JLL (NSYE: JLL) as its exclusive leasing agent for the One Galle Face Tower (OGFT), located in the heart of Colombo.
With the country setting itself aggressive foreign direct investment targets in 2021, the need for premium Grade ‘A’ office and commercial real estate from both domestic and foreign establishments is expected to intensify. JLL, with its operations in over 80 international markets, can pair its local market knowledge with its access to global multinational relationships and capital sources to better tap on the real estate inventory in Colombo, Sri Lanka.
Inaugurated in 2019, OGFT comprises approximately 531,000 square feet of luxury Grade ‘A’ office space spread over 38 almost column-free floors. OGFT is the only ready-to-move-in Grade ‘A’ office building in Colombo built to Green Mark Gold standards and offers landlord-operated flexible office options and meeting facilities specifically for its tenants.
Home to world-renowned banks, financial institutions and MNCs, OGFT provides corporations ease and convenience as it forms part of the larger One Galle Face development that comprises of the One Galle Face Mall, The Residences at One Galle Face and Shangri-La Colombo.
Timothy Wright, Vice President (Operations) for the Shangri-La Group in Sri Lanka, said, “We are excited to enter into this first-of-its-kind partnership with JLL, which we believe would be transformational for Colombo’s commercial leasing sector. One Galle Face Tower is among a small inventory of Grade ‘A’ commercial real estate here in the country. The variety of real estate solutions we can deploy, coupled with our trademark brand of hospitality for our clients, makes us a very attractive proposition for companies looking to upgrade their existing locations and move into premium buildings.
“Paired with JLL’s reputation as one of the top global real estate brokerages representing and advising some of the world’s leading multinational companies on their real estate needs, we believe we are well poised to attract additional new names to Colombo’s premier office address.”
“Our research shows that the latest real estate trends focus heavily on building quality, health and safety of employees, and a collaborative work environment. We are, therefore, very excited to represent Shangri-La due to the high-quality of asset, with premium amenities and advanced security features, having high potential to attract a prime tenant
mix. As their exclusive agent, we will provide Shangri-La with an end-to-end property leasing solution, from identifying the right tenant for the building to completing the lease execution process to the satisfaction of both the landlord and tenants,” said Jerry Kingsley, Country Head – Sri Lanka, JLL
“JLL has global experience and local knowledge, topped with an excellent track record in leasing transactions for premium Class A assets. The expertise of our team will ensure that the client has a seamless leasing experience from start to finish. We believe that the current tenant mix of OGFT and high market acceptance of the asset, backed by the developer’s exceptional regional track record and JLL’s global and local leasing expertise, will ensure this collaboration bears fruit and become one of the landmark partnerships contributing significantly to transforming the commercial real estate industry in Sri Lanka,” he added.
JLL first established operations in Sri Lanka in 2011. In the years since, the firm has garnered a reputation of combining local market knowledge with its access to global multinational relationships and capital sources, to provide Sri Lankan corporates, government agencies and clients with superior execution, towards transforming their real estate portfolios into efficient inventories, as well as in raising capital for real estate assets. JLL has been recognized by Ethisphere, a global leader in defining and advancing the standards of ethical business practices, as one of the 2021 World’s Most Ethical Companies.