17/09/2022
Maybank HQ relocate to Menara Merdeka 118 in Q1 2025
The group announced it had entered into a lease agreement with Menara Merdeka 118 owner Permodalan Nasional Bhd (PNB) for an initial term of three years and renewal for a further six terms of three years each.
Under the triple net basis agreement, PNB will be the master lessor of Menara Maybank and bear all expenses related to the building including maintenance, insurance and taxes.
Maybank, which will be offered naming and signage rights over the building, will occupy 33 floors and is expected to house some 5,900 employees in this new building.
Maybank’s total occupancy of 650,000 sq ft at Menara Merdeka 118 will be less than its current net lettable area of 1.09 million sq ft at Menara Maybank.
“The leasing of Menara Maybank is a win-win solution for both parties. Maybank is able to transition from an owner-occupied property and relocate to Merdeka 118 while PNB will be asset managing Menara Maybank as part of its domestic core property portfolio, currently totaling 40 assets in Malaysia and 13 assets internationally,” said PNB president and group chief executive Ahmad Zulqarnain Onn.
Maybank will pay an initial monthly gross rent of RM10.60 per square foot (psf) for the first six years, with subsequent adjustments for inflationary costs.
This translates to an effective rental rate of RM8.92 psf, which is lower than the gross rent and within the fair market rates of RM8.48 psf and RM8.93 psf as assessed by the independent valuers.