Century Properties Group, Inc.’s subsidiary Century City Development Corp. (CCDC) has signed a joint venture agreement with Japan’s Mitsubishi Corporation to develop the world’s first Forbes Media Tower, a 35-storey office building that will soon rise at Century City in Makati City.
Forbes Media Tower is one of the three Class A commercial buildings that Century expects to add to its portfolio by 2019.
We are privileged to partner with Mitsubishi Corporation, one of Japan’s most respected business conglomerates, in developing Forbes Media Tower. Forbes Media Tower will be a stellar addition to the office market in our country’s premiere financial district, said CPGI Chairman and President Jose E.B. Antonio in a statement.
Under the agreement, both parties will develop, lease out and maintain Forbes Media Tower through Century City Development II Corporation (CCDCII), of which CCDC and Mitsubishi have 60 percent and 40 percent ownership, respectively.
CCDCII shall finance the projected USD$ 100 million (Php4.5 billion) total project cost through USD$ 51 million (Php 2.3 billion) of equity from CCDC and Mitsubishi, and a 10-year, USD$ 49 million (Php2.2 billion) senior loan granted by the Bank of Philippine Islands.
Among all countries, Mitsubishi believes Philippines has the promising market due to its continuous high economic growth. We hope to continue and further strengthen our partnership with CPGI to expand real estate investment business in the Philippines said Mitsubishi Senior Vice President Nobuya Ichiki.
Mitsubishi has invested in two Philippines real estate development projects, one for industrial park and another for residence.
Forbes Media Tower is the third development project and the first office development. Mitsubishi executes real estate development projects in Japan, China, United States and the countries in South East Asia Region.
The media tower, which is designed to serve the world’s business leaders, is scheduled for completion in 2019. It will have a total gross floor area of about 95,000 square meters, net leasable area at over 50,000 square meters.
It is the last parcel of land to be developed within Century City, the 3.4 hectare integrated mixed-use complex of premium residential high-rises such as the Gramercy, Knightsbridge, Milano Residences, Trump Tower, and Century Spire, the lifestyle center Century City Mall, and the outpatient medical center Centuria Medical Makati. (PNA)