Frasers Commercial Trust has entered a lease agreement with Google Asia Pacific for space at Alexandra Technopark, the trust said in a filing to SGX after the market close Tuesday.
Under the lease terms, Google will take up around 344,100 square feet of space, or around 33.3 percent of the property’s current net lettable area, the filing said.
The lease term is for five years, starting form the first quarter of 2020, Frasers Commercial Trust said.
The average gross rent for the leaser term is comparable to the recent signing rents at Alexandra Technopark, the trust said.
Including the lease, the property’s committed occupancy rate will be 93.7 percent as of Tuesday, the trust said.
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