Affiliates of the Paris-based holding company FIMALAC purchased 693 Fifth Avenue, a boutique office tower located in the Plaza District, from Thor Equities for $527 million. The buyer was advised by Savitt Partners’ Michael Dubin and Bob Conover. Simultaneous to the acquisition, the new ownership appointed Savitt Partners as the exclusive leasing and management agency for the irreplaceable, high-profile […]
“Century Properties is honored to be working with Forbes Media for this project. Forbes is synonymous with success and business, and this partnership fits perfectly with our distinguished portfolio of local and internationally renowned brand partners,” said Jose E. B. Antonio, President & CEO of Century Properties Group, Inc. “It is also an honor for us that Forbes has recognized the Philippines as one of Asia’s bright spots and showed its confidence by choosing Makati, Metro Manila as the first site of its landmark business tower.”
“We’re very pleased to be collaborating with Century Properties for the first Forbes Media Tower as we extend our brand into the global real estate development market. Forbes has always been an authoritative resource for the world’s business leaders, and this tower further reinforces our long-standing mission,” said Mike Perlis, President & CEO of Forbes Media. “The Philippines, with its rapidly growing market and strong relations with the US, is the perfect location to launch this effort.”
The Forbes Media Tower in Makati, Metro Manila will offer approximately 60,000 square meters of premium office space, which will be available for sale and for rent to business owners, entrepreneurs and companies by the first quarter of 2014. In addition to office space, the building will provide meeting and event space with plans for a fine dining restaurant, fitness center and exhibition facilities.
“This is a historic and groundbreaking moment for us. It is just the start of our plan for an expansion into Forbes real estate development projects around the world,” said Miguel Forbes, President Worldwide Development of Forbes Media, who is spearheading this initiative. “We will continue to explore new Forbes Media Tower opportunities globally and couldn’t be more excited to pursue this new and potentially transformative initiative.”
The tower will be located in Century City, a mixed-use development of Century Properties in the central business district of Makati. Makati is comprised of premium residences, office buildings and the Century City Mall. The tower’s location is part of an IT zone, which will allow accredited locators to benefit from incentives from the Philippine Economic Zone Authority (PEZA).
Category: Global Facilities