Baker & McKenzie is acting as counsel to Wheelock Properties Limited (“WPL”) on its HK$4.5 billion (US$580 million) sale of the West Tower at One Bay East, Kowloon East to Manulife (International) Limited (“Manulife”). According to property market analysts, the deal marks the largest single office tower sale & purchase transaction in Kowloon to date, and is also the second-highest price on record for a whole office tower in Hong Kong.
Developed by Wheelock, One Bay East at 83 Hoi Bun Road, Kowloon East is a new premium grade-A office twin tower development with 21-storeys and a total gross floor area of 1,025,000 sq ft. The development is expected to be complete by the end of 2015. The West Tower with an approximately 512,000 sq ft floor area has been acquired by Manulife to serve as the headquarters for their Hong Kong operation.
The Baker & McKenzie team is led by Hong Kong-based property partner Edmond Chan.
Commenting on the deal, Edmond Chan said, “We are privileged to work with Wheelock on this transaction which represents another milestone in the Hong Kong property market, and is in line with the government’s plans to transform Kowloon East into Hong Kong’s second Central Business District (CBD2).”
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