South Beach Tower to welcome Facebook as biggest tenant

Goodbye, 158 Cecil Street.

Facebook is expected to vacate the Cecil Street premises later this year to move into the 34-storey South Beach Tower, which was completed in 4Q14.

According to a report by OSK-DMG,Facebook is in advanced stages of negotiations to ink a lease for about 70,000 sq ft office space at South Beach Tower (50-50% stake by CDL and IOI Group); roughly double the space it now occupies at 158 Cecil Street.

In December, South Beach Consortium Pte Ltd (SBC) indicated an 80-90% commitment rate for the 500,000 sq ft NLA of offices at South Beach Tower.

The consortium had also said that it had achieved rents of SGD9-12 psf/month.If the Facebook lease materialises, the social networking service would be the building's biggest tenant.

So far, occupiers from a range of industries have been secured - including pharmaceutical giant Sanofi (53,000 sq ft), Rabobank (30,000 sq ft), Bain & Company (18,700 sq ft), professional services firm TMF Group (16,000 sq ft) and Boeing (10,200 sq ft).