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News Release

Bangkok

Sunflower Group names Jones Lang LaSalle as Sole Leasing Agent for Suntowers

The first sole leasing agency appointment for the development


22 December 2009 - Jones Lang LaSalle announces today that it has been appointed by Sunflower Group as the Sole Leasing Agent for Suntowers, a Grade A office complex along Vibhavadi Rangsit Road. This is the first time Sunflower Group has named a sole leasing agent for the property since its completion in 1995.
 
Mrs Pojanard Prinyapatpakorn, Managing Director of Suntowers Limited, an affiliate of Sunflower Group, says “Over the past 12 months, we have received more and more leasing enquiries for Suntowers as companies look for affordable quality office space in convenient locations outside the CBD. By appointing Jones Lang LaSalle as the sole leasing agent, we want to make sure that Suntowers captures most of the leasing opportunities that are rising in the Vibhavadi Rangsit area.”
 
Suntowers is among the few Grade A office developments located along Vibhavadi Rangsit Road. The property offers a combined 145,000 sqm of lettable space on two towers – Tower A with 30 storeys and Tower B with 40 storeys.
 
“We are very pleased to win the sole agency appointment for Suntowers after going through a very competitive pitch against other key international property agents,” says Mrs. Suphin Mechuchep, Managing Director of Jones Lang LaSalle. “With our strong office leasing team, we believe that we can help Suntowers maximize its leasing potential,” she adds.
 
With 12 leasing professionals, Jones Lang LaSalle has the largest office leasing team in Bangkok. From January 2009 to date, the Firm has helped landlords and tenants let or secure over 70,000 of office space in Bangkok.
 
Ms. Yupa Sathienpabayut, Head of Office Leasing at Jones Lang LaSalle, says, “In the current economic environment, companies are looking for strategies to minimize operational costs. Some of these companies opt to reduce occupancy costs by relocating to a more affordable office building in a fringe location that offers quality office space and convenient access. The Bangkok northern corridor, including Vibhavadi Rangsit Road, is one of the city’s fringe office locations where corporate occupiers have shown strong interest.”
 
According to a recent study by Jones Lang LaSalle, the Bangkok northern corridor office market, which covers a part of Phayathai and Ratchadapisek Roads, Phaholyothin Road, and Vibhavadi Rangsit Road, offers 2.2 million sqm of space, with an average vacancy rate of approximately 15%. While the average rental in the area stands at around THB 400 per sqm per month, Grade A buildings enjoy a higher average rental rate of about THB 570 per sqm per month.
 
“The fact that very few Grade A office buildings are located along Vibhavadi Rangsit Road serves as a competitive advantage to Suntowers,” says Ms Yupa.
 
Seen in the picture are Mrs. Pojanard Prinyapatpakorn, Managing Director of Suntowers Ltd, and Mr. Longlom Bunnag, Chairman of Jones Lang LaSalle (Thailand) Limited, holding the contract of appointment of Jones Lang LaSalle as the Sole Leasing Agent for Suntowers. Also present at the contract signing ceremony were senior executives of the two parties, including Mrs Suphin Mechuchep (2nd from right), Managing Director of Jones Lang LaSalle, Mr. Viroon Powlinjong (2rd from left), Executive Director of Suntowers, and Ms. Yupa Sathienpabayut (1st from right), Head of Office Leasing of Jones Lang LaSalle.