It marks an “exciting new chapter” as the company aims to concentrate all its business units in one central operation, said Sergio Ermotti, the group CEO of UBS, at the topping out ceremony on Wednesday. Topping out refers to the placement of the final structural beam at the end of construction.
“Hong Kong is a strategic market for UBS in Asia,” said Ermotti. “For six decades we have demonstrated our commitment to the growth of the city and to our clients.”
Currently the firm has five offices spread across the city, including 10 floors covering 300,000 square feet in Hong Kong’s tallest skyscraper, the 108-storey International Commerce Center (ICC) in Kowloon. That space was previously occupied by Credit Suisse, before the two banks merged.
The name of the building will be decided closer to completion, and as the anchor tenant UBS will have naming and signage rights for the tower.
The building, designed by Zaha Hadid Architects, will be connected to the West Kowloon waterfront and is within walking distance of the city’s Airport Express line. It is part of a landmark project by SHKP which will span 2.6 million square feet of premium office space and some 600,000 square feet of retail space.
The new Hong Kong office will support the bank’s long-term expansion plans and enhance the well-being and productivity of its colleagues, Lo said.
It will provide over 100,000 square feet of open space, including an observation deck.
Wednesday’s ceremony also saw the exchange of a green lease agreement, which the companies said will ensure the building meets the highest standards of sustainable infrastructure.
The project has already attained some of the highest ratings across major sustainable building certification programmes, including LEED and BEAM plus.
“The structure is set to be one of the most sustainable structures in the world and its completion will surely elevate the status of West Kowloon as a thriving business and cultural hub,” said Raymond Kwok, the chairman and managing director of Sun Hung Kai Properties, during the ceremony.