Morgan Stanley In Talks To Lease Office Space At IOI Central Boulevard
SINGAPORE – In a bid to accommodate its growing number of local employees, multinational investment bank Morgan Stanley is looking to relocate and lease a larger office at the upcoming IOI Central Boulevard, reported Bloomberg on Wednesday (7 June, SGT).
Sources who requested anonymity as the information is private revealed that the bank is in advanced talks to occupy five levels at the commercial property, which will give it certain signage rights. The new office space will be able to accommodate around 1,000 staff.
A representative from Morgan Stanley verified the financial firm’s plan to rent five floors at IOI Central Boulevard from late-2024, with the location serving as the bank’s headquarters for Southeast Asia. The bank is embarking on this move after Morgan Stanley businesses across the region have grown steadily, with the bank remaining positive on the region’s prospects.
In particular, the sources disclosed that the bank’s Singapore office expansion is being propelled by growth in its fixed-income and wealth businesses, as well as a rising headcount in its tech and back-office staff.
Morgan Stanley’s proposed relocation to the Marina Bay area, adjacent to the famed Lau Pa Sat hawker centre, will see it lease slightly over 100,000 sq ft of office space and move out of its current Raffles Place location in Capital Square, where it has been renting for more than 25 years.
Notably, multinational corporations are increasing their footprint in Singapore to oversee or expand their operations in Asia. During the COVID-19 pandemic, private banking, family offices and other financial services flourished, boosting the demand for high-end offices in Singapore’s central business district (CBD).
