Meta resigns 7 office floors with a total of 115,000 sq. ft.

Tableau departure

In the past year, a few smaller departures took place. Tableau chose not to renew its leases for two floors, which expired in August of 2023. Salesforce acquired the data analytics software maker in 2019. The company moved into Suntec City’s parent office.

Sanofi-Aventis Singapore previously leased two floors at South Beach Tower. It has now renewed its lease only for one floor. The other floor’s lease will expire by June 2023.

The South Beach Tower’s landlord is nearing the end of its search for a replacement tenant to occupy two of Meta’s seven offices in the building.

The tech giant won’t be renewing the lease of the building, which will expire this year at the close of September. In the first six months of last, it’s thought that South Beach Tower staff began to leave and move their teams to Marina One.

Meta had confirmed, in June 2018, that it would no longer renew its lease in South Beach Tower. This is after Meta’s global second-largest layoffs took place in March of 2023.

The seven upper floors of South Beach Tower total 115,000 square foot (sq. ft.) of lettable space. That’s about 22.7% of all the offices at the South Beach Tower.

The offices span 31 floors and have typical floor areas between 18,000 sq. ft. to 20,000.

South Beach also includes a JW Marriott luxury hotel, retail spaces, and luxury homes.

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The lease agreement for Meta’s two floors has yet to signed. Although the deal with the prospective tenant has been negotiated, the contract is not yet finalized. She refused details on the tenant’s profile.

Meta will also subdivide another two floors of its portfolio in order to serve tenants that don’t require large spaces. This includes those who work in the consumer or private wealth sectors. We’ll decide based on market demand whether we rent the remaining three floor out in full or divide them up into smaller apartments.

Meta was an early tenant at South Beach Tower. Meta had moved in following the issuance of the Temporary Occupation Certificate for the tower in 2015. It is the biggest tenant at the tower.

Datadog a new tenant

Datadog was able to lease one of these three floors. The Nasdaq Listed Company provides cyber-security for cloud applications.

South Beach Tower is experiencing a steady flow of new lease inquiries. We are in advanced discussions with businesses across various industries like professional services, transport and consumer products and expect more commitment in the months to come.

We expect the market sentiment will pick up in second half of 2020 as interest rate and inflationary tensions ease. In addition, the economic strength and confidence among companies to expand their business plans will also improve.

South Beach Tower charges between S$12.50/sq.ft. (psf), and S$13.50/psf, per month.

South Beach project is scheduled to undergo asset enhancement work worth S$4 million in the 2nd half of 2024. The office tower will receive the majority of the renovations. The ground floor main lobby will be transformed, as well as the two sky-gardens on levels 11 & 21 and the roof terrace level 34. These spaces can then be used for product launches and other social events.

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