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88 Market Street secures JPMorgan as anchor office tenant; named 'CapitaSpring'

88 MARKET Street, the landmark 51-storey tower coming up on the site of the former Golden Shoe Car Park, has secured its first anchor tenant, US investment banking giant JP Morgan, CapitaLand announced Thursday in a media release.

Its new name - CapitaSpring - was also unveiled.

JP Morgan will take up 155,000 square feet - or close to a quarter of the 635,000 sq ft of net lettable area at CapitaSpring, occupying levels 24 to 30 of the tower in prime Raffles Place, CapitaLand said in a media release.

CapitaLand and CapitaLand Commercial Trust each hold a 45 per cent stake in the joint venture developing CapitaSpring, while Mitsubishi Estate Co, Ltd, has the remaining 10 per cent interest in the office and serviced residence components of the development.

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Said Lynette Leong, CEO of CapitaLand Commercial: "As a longstanding tenant of ours since 2001, we look forward to extending our partnership at this dynamic new location in the heart of Singapore's CBD. JPMorgan's choice of CapitaSpring speaks volumes about the development's strong appeal to progressive companies seeking a prestigious address with modern future-ready facilities."

According to Ronald Tay, chief executive officer (CEO) of CapitaLand Singapore, Malaysia & Indonesia: "The name CapitaSpring reflects our vision of a refreshing, vibrant, future-ready vertical community enabled by technology and seamlessly connected to transport nodes."

Upon completion, CapitaSpring will be one of the tallest and greenest buildings in Raffles Place, with treetop cocoons, sky hammocks and the Green Oasis, a four-storey high botanical promenade between the Grade A office floors and a modern serviced residence.

The development can also boast of Singapore's highest urban farm and a fine-dining restaurant on its rooftop, 280-metres-high.

Community events such as fitness sessions and lunchtime performances will be held at the ground-floor City Room, which will blend into a 12,500-sq-ft public park.

The development will also house a 299-unit Citadines serviced residence managed by The Ascott Limited, ancillary retail space, as well as a food centre located on the second and third levels of the development.

Construction on the development began in February 2018. It is slated for completion in the first half of 2021.

CapitaLand shares traded S$0.04 or 1.1 per cent down to S$3.65 as at 2.30pm.