<div id="readability-page-1">JPMorgan Chase has committed to leasing about 250,000 sq ft of space in the new Sun Hung Kai Properties (SHKP) office towers in Hong Kong’s West Kowloon district for 10 years, making the US investment bank the anchor tenant of the 700,000 sq ft mixed-use development, the Hong Kong-listed developer said on Friday. Artist Square Towers (AST) will house the bank’s Kowloon office, which is currently located at The Quayside in Kowloon East, starting in the latter half of 2028, according to an internal JPMorgan memo seen by the South China Morning Post. The bank would keep its office in Central, the city’s main business district, it added. “We are honoured to have JPMorgan as the anchor tenant of this landmark project,” said Raymond Kwok, chairman and managing director of SHKP, in the statement. “Their long-term commitment underscores West Kowloon as Hong Kong’s Central 2.0. It also stands as a resounding vote of confidence in Hong Kong’s enduring strength as a premier international financial centre.” Targeted for completion in 2027, AST comprises three harbourfront blocks – East Tower, West Tower and South Tower – offering about 672,000 sq ft of premium office space and 27,000 sq ft of retail space. The East and West Towers are linked across the top eight floors, with JPMorgan taking the top six connected floors.  The decision to move to Hong Kong’s main cultural hub will provide the bank’s employees with expansive retail spaces, wide dining options and convenient transport links – including the MTR’s Kowloon and Austin stations, the Airport Express, WestK Ferry and the high-speed rail to mainland China. The new space is neither a reduction nor an expansion of the bank’s office footprint but a mere transfer, according to sources. Although the lease makes it one of the biggest office deals in Hong Kong so far this year, JPMorgan’s move to West Kowloon could pile further pressure on the office segment in Kowloon East, which has the worst vacancy rates among the five major business zones in the city. As of January, the vacancy rate in Kowloon East stood at 19.3 per cent, compared with 19.4 per cent a month earlier, according to the latest data from JLL. This was still significantly higher than the 6.7 per cent to 12.8 per cent vacancy rates in other districts, namely Central, Hong Kong East, Tsim Sha Tsui and Wan Chai-Causeway Bay, the property consultancy said. AST is a low-density project and a key addition to SHKP’s expanding West Kowloon portfolio. Alongside the International Gateway Centre – the group’s new flagship commercial development above the high-speed rail’s West Kowloon Terminus – as well as the International Commerce Centre, two luxury hotels, The HarbourPlace View serviced apartments and the upscale Elements mall, AST would be part of a commercial cluster of more than 8 million sq ft, SHKP said. SHKP is co-developing the project with the West Kowloon Cultural District Authority. </div>

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<p>JPMorgan Chase has signed a 10-year lease for approximately 250,000 sq ft in Sun Hung Kai Properties' new office towers in West Kowloon, Hong Kong, becoming the anchor tenant of the 700,000 sq ft mixed-use development. The Artist Square Towers (AST) will house the bank's Kowloon office starting in late 2028, while it retains its Central office. The project, targeted for completion in 2027, includes three towers with premium office and retail space, enhancing the area as a cultural hub. This lease is one of the largest office deals in Hong Kong this year, despite high vacancy rates in Kowloon East.</p>

JPMorgan signs up as anchor tenant for SHKP’s West Kowloon office development