NOL Building sale appointed to Jones Lang LaSalle

The marketing agent said it expects "strong interest" for the freehold commercial office building due to its rarity in the market.

“NOL Building provides an excellent opportunity to acquire a large freehold office building, in a well established decentralised office precinct, with asset enhancement and future redevelopment potential by maximising building efficiency and plot ratio," said Ashish Manchharam, Head of Investments South East Asia, at Jones Lang LaSalle.

"This offering provides the ability to capture the growing demand from occupiers seeking cost effective, decentralised office space and for developers to tap on demand in the commercial strata space. Large commercial freehold opportunities of this nature rarely come to the market and we expect strong interest in NOL Building through this sale campaign.” he added.

Jones Lang LaSalle will act as the exclusive marketing agent on behalf of NOL Group for the sale of NOL Building, which comprises 26-stories and is located at 456 Alexandra Road in the heart of the Alexandra office precinct. NOL Group currently occupies 90% of the building and is expected to leaseback the premises.

The NOL Building sits on a commercial zoned site of 108,060 sq ft with a gross floor area of 294,500 sq ft, an existing net lettable area of 207,505 sq ft and 276 car park lots in a separate podium. The property is within proximity to the HarbourFront precinct and a short drive to the Central Business District. Surrounding buildings include PSA Building & Alexandra Retail Centre, Mapletree Business City, Alexandra Point, Alexandra Technocentre, The Comtech and UOB Centre.