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The 27-storey tower is a joint venture of Ortigas and IBP. Under the build-operate-transfer deal, Ortigas is constructing the tower on the IBP’s 1,749-square meter property in exchange for the property developer’s right for a 35-year lease of the office spaces.
“After 35 years, the tower will be turned over to IBP without any cost,” IBP Chairperson Rosario T. Setias-Reyes said in her opening remarks at the unveiling of a marker at the building.
Located along Doña Julia Vargas Avenue corner F. Ortigas, Jr. Road, the IBP Tower is expected to cater to business process outsourcing companies, law firms, as well as the IBP’s offices.
In 1978, Ortigas had donated the two prime lots where the IBP national headquarters and the IBP Tower are currently located.
“In 2013, we revisited the partnership. Together with IBP, we knew that it was high time to create a new office tower on IBP grounds not only to provide offices for the use of IBP but also to provide for the strong demand for office spaces in Ortigas Center,” Ortigas Chairman, President, and Chief Executive Officer Jaime E. Ysmael said.
The tower’s first three floors is allocated for IBP’s offices, while 17 floors will be leased out to business process outsourcing companies, law firms, and other companies. The tower will also have nine podium parking spaces, while the ground and 10th floor will be allotted for retail spaces and amenity areas such as restaurants.
Colliers International has been tapped as the lead broker to market the IBP Tower.
This year, Ortigas is spending P8 billion to P9 billion for the expansion of its mixed-use communities. The company is currently developing new projects in the Greenhills area as well as additions to the 10-hectare estate in Capital Commons in Pasig City.
“In Greenhills, we’ve completed our master plan and now we’re executing it... It’s Greenhills’ redevelopment, which is actually a section of the Greenhills Shopping Center,” Mr. Ysmael said.
In Capital Commons, the company is targeting the opening of Unimart by this year along with the ongoing construction for the expansion of the Estancia mall.
“That will provide the variety of shopping concepts that is needed within Estancia, because right now it’s a lifestyle mall, a lot of high-end brands but we want to broaden the market, hopefully have a department stores as well as cinemas to complete the offering,” Mr. Ysmael said.
The completion of these projects will allow the company to provide a more complete offering to a broader market, he said.
-- Arra B. Francia
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