Shangri-La appoints JLL as exclusive leasing agent for One Galle Face Tower in Colombo, Sri Lanka
Multinational hospitality firm Shangri-La has partnered with JLL (NSYE: JLL) to optimise opportunities in a dynamic Colombo market. The collaboration is for a 38-floor, international grade office building, Shangri-La One Galle Face Tower (OGFT), covering more than 531,000 sq.ft.
Colombo, 6 July, 2021 – 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.
About Shangri-La Group
Shangri-La Group is one of the world’s premier developers, owners and operators of hotel and investment properties which comprises office buildings, commercial real estate, and serviced apartments/residences. The Group’s other principal activities include hotel management services as well as property development for sale. It currently owns and/or manages over 100 hotels globally in 76 destinations under the Shangri-La, Kerry, JEN, and Traders brands. Prominently positioned in Asia, the Group has a substantial pipeline of upcoming hotel and mixed-use development projects in Australia, Bahrain, Mainland China, Cambodia, Indonesia, and Saudi Arabia. For more information, please visit https://www.shangri-la.com/group/.
About One Galle Face
One Galle Face is Colombo's most prestigious internationally developed and managed mixed-used development project by Shangri-La, Asia Pacific’s leading luxury hotel group. With over 100 hotels and resorts around the world, Shangri-La is regarded as one of the world’s best hotel ownership and management companies. Comprising of four structures, One Galle Face Mall, The Residences at One Galle Face, Shangri-La Colombo and One Galle Face Tower, the development combines both the service and hospitality of Shangri-La hotels with vibrant retail and entertainment offerings, elegant living and a premier office space.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JLL Sri Lanka
JLL Sri Lanka is a leading professional services firm specialising in real estate service in the country. Based out of Colombo, the firm provides end-to-end real estate services to investors, developers, local corporates, and multinational companies. It offers a comprehensive range of services including research, analytics, project and development services, property and asset management, integrated facilities management, real estate capital markets and transactions across asset classes covering commercial office spaces, hotels, land assets, industrial, retail and residential units. With a strong team of over 120 professionals and service capabilities across the country, the firm combines 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. For further information, please visit https://www.jll.com.lk/.