Omnicom said to have leased nearly 50,000 sq ft of office space on 51 Merchant Road

[SINGAPORE] Global advertising, marketing and sales giant Omnicom is said to have leased close to 50,000 sq ft of net lettable area of office space at 51 Merchant Road – about three-quarters of the entire building – near Clarke Quay MRT station.

Owned by a joint venture between Elevate Capital Group and LaSalle Investment Management, the property comprises the main four-storey building with two levels of basement car parking space, annexed to two rows of conserved shophouses.

One row, comprising three-storey shophouses, faces Fisher Street.

The other row, with two-storey shophouses, is along Angus Street.

The space that Omnicom is said to be leasing is across both components except the ground-floor space, which will be for retail, F&B and wellness use.

Omnicom’s lease is understood to be for five years with an option for renewal.

Industry observers estimate the group could be paying S$9 to S$10 per square foot (psf) of net lettable area in monthly rental.

In comparison, rents for similar-sized office space in the middle levels of Grade A office buildings in the Singapore Central Business District (CBD) are currently between S$11 and S$13 psf, estimated some market watchers.

Being located in a standalone boutique office building such as 51 Merchant Road may provide an anchor tenant with more visibility than operating out of a typical office building, noted observers.

JLL is understood to have brokered the Omnicom lease at 51 Merchant Road.

Elevate Capital and LaSalle Investment Management bought the property with vacant possession from Raffles Education for S$121.8 million. The sale was announced last December and completed in February.

The asset is undergoing refurbishment to enhance the facade, modernise the interiors and common spaces, and reconfigure the ground floor to introduce curated dining, retail and wellness offerings to complement the boutique office component.

Works are expected to be completed by the first quarter of next year.

The owners are expected to begin marketing the ground-floor space for lease soon.

Formerly known as Raffles Education Square, the property is on a site area of about 27,669 sq ft and has a gross floor area of about 71,338 sq ft.

Post-refurbishment, 51 Merchant Road is expected to have a net lettable area of between 63,000 and 65,000 sq ft.

The property is on a site zoned for commercial use under the Urban Redevelopment Authority’s Master Plan 2025.

Omnicom’s suite of offerings includes advertising, branding, public relations and digital commerce.

Omnicom completed its acquisition of rival Interpublic Group in November 2025; the deal was first announced in late 2024.

In Singapore, the consolidated group is expected to operate in 51 Merchant Road and continue to have a presence in MacDonald House on Orchard Road.

It is expected to exit a few existing locations, including Alice@Mediapolis at 29 Media Circle and 991C Alexandra Road.

51 Merchant Road’s spruce-up is set to contribute to the ongoing rejuvenation in the area. A stone’s throw away, City Developments Limited is redeveloping the former Central Mall and Central Square into a mixed-use project.

Named Union Square, the development will comprise 366 upmarket private homes, a 20-storey Grade A office tower, as well as retail, dining and co-living spaces. The project is targeted for completion in 2029.