Four-Way Joint Venture to Ensure Excellence of Service at Supertall Green Landmark
Beijing, 2014-10-20— /EPR Retail News/ — World leading commercial real estate services and investment company CBRE is establishing a joint venture with three partners, including Shanghai Tower Construction and Development Company, the Shanghai Lujiazui Property Management Company and Shanghai Tower Real Estate Management Company Limited,for the purpose of providing property management services for the new Shanghai Tower. The new company is called “Shanghai Tower CBRE Property Management Company Limited”.
Shanghai Tower is located at the center of the Lujiazui Financial Development Zone in the Pudong section of Shanghai. Construction of the building, which has a height of 632 meters, is expected to be completed by the end of 2014. The property is also scheduled to be fully operational by mid-2015. Boasting 576,000 sq. m. of gross floor area, the iconic mixed-use development is set to become one of the most famous buildings in China and across the world.
General Manager of Shanghai Tower Construction and Development Company, Gu Jianping, commented,”With CBRE’s rich experience in managing top-grade properties around the globe combined with the deep local market experience of Lujiazui Property Management Company, the four partners look forward to sincerely cooperating together in building a seasoned property management team for this supertall mixed-use development. The professional and people-focused property management services provided will enable Shanghai Tower to fully realize its potential as a green, sustainable vertical community and be viewed as an icon in the world of high-end property development.”
“CBRE began its cooperation with Shanghai Tower two years ago as the building’s pre-occupancy property management consultant. At that time we helped the management team map out its property management and building operations strategies. We are honored now to have this opportunity to partake in the management of this prestigious landmark building as a stakeholder in the new joint venture. We look forward to cooperating with our partners to offer property management services of the highest quality for this world-class development and turning it into the first choice for office and work space in Shanghai,” added Willy Shee, Chairman of CBRE Asia.
Shanghai Tower has been designed and built to meet international green standards with the intention that the building will likewise be managed in accordance with those standards. Operation management for the tower was taken into consideration in the early stages of design and construction with plans made utilizing the expertise of internationally renowned consultants.
“CBRE has provided property management services for numerous supertall buildings around the world, including those located in China,” said Andy To, Executive Director, Asset Services, CBRE China. “Serving as the consultant to Shanghai Tower developers during the building’s construction stage has helped us better understand the management requirements of this unique project. The new joint venture property management model will further strengthen this project and we look forward to working with our partners to elevate its property management services to the highest level.”
“Our cooperation with Shanghai Tower has been very smooth, and our ideas and convictions for creating a world-class supertall building are very well aligned with those of the project’s owners. The formation of this powerful joint venture to manage the building is an innovative approach that serves as a worthy example of how CBRE leverages its global resources to advance in local markets,” added Ivan Poon, President of CBRE China.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue).world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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