JLL Helps China Shipping International Sign the Largest Single Shanghai CBD Grade A Offe Building Lease in 2017

In 2016, JLL's Shanghai Markets team were selected by China Shipping Real Estate as the joint sole leasing agent for the office buildings of the China Overseas International Center. The project is located in Xintiandi in Huangpu District, part of Shanghai's central business district. It consists of two Grade A office buildings of approximately 85,000 square meters and has a retail area of around 27,000 square meters

After winning the agency commission, JLL's Shanghai Markets team carried out thorough market research on the tenant structure and sales control strategy of the two office buildings and provided a differentiated positioning strategy. In just five months as leasing agent, JLL successfully assisted the owner to achieve a 50% occupancy rate, and within one year, the China Overseas International Centre office buildings achieved nearly an 80% occupancy rate, with the proportion of transactions involving JLL as high as 60%.

In addition, JLL's Shanghai Markets team has contributed to the milestone cooperation between China Overseas International Center and WeWork, with the co-working giant leasing a total of 27,000 square meters of office space in Tower B to create the largest WeWork offering in the Asia Pacific region. The transaction also became the largest single lease transaction for the CBD office market in Shanghai in 2017.

The success of the project also caused the developer to re-examine their view of office buildings. General Manager of Shanghai China Shipping Real Estate Business Management Mr. Lu Fengcun, said: “In the future, China Shipping will re-examine the traditional values of buildings when undertaking new projects, and will fully consider providing tenants with more comprehensive, convenient and flexible services, as well as taking advantage of the platform's superior collective resources.”