24-storey Grade-B office building with 38,029 sqm of office space, 3,633 sqm of retail space and 160 underground car parks, located in the business district of Huangpu near the Bund.
With a proactive asset enhancement and re-letting program, vacancy was reduced from 30% to less than 10% and rents increased by over 20%. One highlight of this program was the conversion of the 24th vacant office floor to an alternative use of restaurant with club and bar facilities, leased to the world famous M1NT, which has attracted many patrons from around the world and made Cross Tower in Shanghai a destination of its own.
Asset was acquired in a JV for SEB's value-add fund.