SM Land to put up P1-B office bldg in QC

MANILA, Philippines - SM Land Inc., the commercial property development arm of SM Investments Corp. (SMIC), is expanding its office space portfolio in Quezon City.

The company has firmed up its decision to put up the P1-billion, 15-story SM Cyber West Avenue after securing a key tenant.

In a statement, SM Land said it signed a lease contract with Emerson Electric (Asia) Ltd.–ROHQ, a unit of US-based Fortune 500 company Emerson.

Under the agreement, Emerson will lease more than 12,000 square meters (sqm) of the 22,700-sqm SM Cyber West Avenue.

“The lease contract facilitates Emerson’s expansion from Mandaluyong City to SM Cyber West Avenue,” SM Land said.

The Manila office of Emerson provides support for several key global and regional functions for the parent firm like accounting, customer support, finance, information technology, human resources, marketing and supply chain management.

Emerson is a diversified global manufacturing and technology firm with $24.4 billion in global revenues last year.

SM Cyber West Avenue, which targets business process outsourcing (BPO) companies, is the newest project under SM Land’s “SM Cyber” brand that provides premium office space while leveraging on nearby SM retail and mall developments.

“The project is targeted for completion by the fourth quarter of 2013 and has an estimated project cost of P1.05 billion,” SM Land said.

The building will rise on a 2,910-sqm property at the corner of the main EDSA thoroughfare and West Ave.

The remaining leasable area will feature a Save More supermarket and other support retail and commercial establishments.

SM Land, through its Commercial Properties Group, is in charge of the development and lease of office buildings in prime Metro Manila and strategic regional locations.

The group’s flagship project is the 67-hectare Mall of Asia complex in Pasay City that hosts E-com centers that cater to BPOs. It will also develop a mixed-use leisure and commercial concept along Aguinaldo Highway in Tagaytay City called Sky Ranch.

The brand SM Cyber, for its part, has ready-to-use office spaces in Makati City and Baguio City.