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Megaworld, JPMorgan set record office lease deal in the Philippines

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Megaworld, JPMorgan set record office lease deal in the Philippines

Philippines-based developer Megaworld Corp. secured a "multibillion-peso" contract to build JPMorgan Chase Bank NA's new headquarters in the country, setting the records for the biggest single office lease deal in terms of total space leased and transaction value.

Under the build-to-suit agreement, Megaworld will build an estimated 70,000-square-meter office in Uptown Bonifacio in the city of Taguig in metro Manila. The green office tower will rise to 25 stories and consolidate the international bank's operations in the region.

The tower is expected to be completed in 2021 and ready for full operations the next year.