TripleOne Somerset secures tenant in co-working space firm IWG
IWG will lease 35,000 sqft and two floors for its Amsterdam-grown Spaces concept.
Perennial Real Estate Holdings (Perennial) was able to secure flexible workspace solutions provider IWG as a tenant of over 35,000 sqft of space at TripleOne Somerset to operate its Spaces co-working space concept.
According to an announcement, the site will be Amsterdam-grown Spaces’ flagship facility in the prime Orchard Road precinct and the largest facility when it commences operation in mid-2019. It will be located on two floors, Level 13 and Level 3, of Somerset Tower.
"Spaces at TripleOne Somerset will host a wide variety of co-working spaces, meeting rooms, private offices, conferencing facilities and event spaces offering creative working environments," said Perennial. It added that there will also be a Business Club which is accessible by more than 3 million global Spaces’ members.
TripleOne Somerset is a prime integrated development strategically located in the city centre and next to the Somerset Mass Rapid Transit Station serving the North South Line. It comprises two premium grade office towers, Somerset Tower and Devonshire Tower, and a retail podium.
Perennial noted that TripleOne Somerset is currently undergoing a $120m enhancement programme "to augment its retail offerings, incorporate medical suites of about 32,000 sqft, and spruce up the office lobby and common areas." It added that the new two-storey retail podium is expected to receive its Temporary Occupancy Permit by 2H2018 and the full suite of works is expected to complete by 2019.
Spaces co-founder Martijn Roordink commented, “Singapore is an international hub for businesses and is one of the most vibrant markets in the world. It is built on the energy of community – interesting people doing exciting things; a perfect fit with our culture of expanding networks and connecting likeminded members to link up and share ideas. With a thriving cultural and business scene, it is no surprise that we are expanding our presence at prime business locations, with the opening of another Spaces site at TripleOne Somerset.”