Hedge fund Qube leases six floors at Two IFC in one of Central’s largest deals in a decade

Global hedge fund Qube Research & Technologies (QRT) is set to become the largest private tenant at Two International Finance Centre, signing a multi-story lease as falling rents drive a wave of office upgrades across Hong Kong’s premier business district.\nThe London-based firm will take up to 146,000 sq ft of space across six floors owned by MTR Corp in Two International Finance Centre, for an undisclosed rental amount. The space was previously occupied by the UBS Group.\nQRT’s lease was set to begin in 2027. “Hong Kong has been viewed as a key regional and global hub since Qube’s inception, and the move reflects the firm’s confidence in the city’s long-term prospects,” said Murray Steel, Qube’s Asia-Pacific chief operating officer in a statement on Thursday.\nQube’s expansion mirrors a broader trend among financial firms taking advantage of softer rents to upgrade into higher-grade offices in Central. The firm is currently leasing offices in Central Tower, an A-grade office building near the Landmark, but would expand and upgrade its office space under the new lease at Two IFC.\nThe deal would make Qube the largest private-sector tenant in the IFC complex, according to property consultancy JLL, which advised on the transaction. The Hong Kong Monetary Authority remains the largest single tenant in Two IFC.\n\nThe transaction is the second-largest office lease signed in Central this year, and among the biggest in the district over the past 10 years.\nFounded in 2018 as a spin-off from Credit Suisse, QRT has rapidly grown into one of the world’s largest hedge fund managers. The firm employs more than 2,000 people globally, with roughly one-third based in Asia. It operates 13 offices worldwide, five in Asia-Pacific, and is expanding in markets including Singapore, Shanghai and Mumbai.\nQube is the latest in a growing list of global hedge funds committing to large office footprints in Hong Kong’s most expensive locations. In June, Henderson Land Development said it had leased 223,000 square feet at its New Central Harbourfront project to Jane Street Asia, in the largest leasing transaction in the district in a decade, with handover expected in 2027 and the lease starting in 2028.\nHedge fund activity accounted for 18 per cent of Hong Kong’s office leasing volume in 2025, including new lettings, expansions and renewals, JLL said.\nMarket participants said such deals were helping to stabilise sentiment after a prolonged downturn. Hong Kong office rents have fallen more than 40 per cent from their peak in early 2019, hit by social unrest, the pandemic, geopolitical uncertainty and a sluggish economy that prompted some Western banks and hedge funds to scale back.\n“Financial institutions and hedge funds have been highly active in the office leasing market this year,” said Sam Gourlay, head of office leasing advisory at JLL on Hong Kong Island. He said about 66 per cent of grade A leasing volume had come from finance, insurance, real estate and business services, with tenants prioritising premium buildings in core areas in Central.\nRents in greater Central edged up 1.6 per cent from September to HK$77.60 per square foot per month, while rents at the most prime towers rose 2.5 per cent quarter on quarter, according to Cushman & Wakefield. CBRE expects new grade A supply to ease in 2026 and 2027.\n“We expect financial institutions, particularly hedge funds and private banking, to remain active in 2026 and continue leading the market recovery,” Gourlay said.\n