First new office development project by LPN in 29 years
JLL to act as the sole leasing agent for Lumpini Tower Vibhavadi Chatuchak Building A
L.P.N. Development Public Company Limited has recently launched Lumpini Tower Vibhavadi Chatuchak, a new development project with 25,000 sqm of office space. The project comprises two buildings – Building A with office space for rent and Building B offering strata title office space for sale. JLL will be appointed as the sole leasing for Building A.
Lumpini Tower Vibhavadi Chatuchak marks the return of LPN to the Bangkok office market, after the firm completed its first two office buildings -- Lumpini Tower and L.P.N. Tower -- in 1989 since when LPN has focused on the residential sector only.
Lumpini Tower Vibhavadi Chatuchak Building A, on which JLL will act as the sole leasing agent, is a 21-storey Grade A office development with 15,000 sqm of lettable space and is planned for completion in the final quarter of 2019.
According to JLL, the total stock of lettable office space along Vibhavadi Rangsit Road is standing at 240,000 sqm at present, with only 9% remaining vacant. Office rents in the area average THB 750/sqm/month, well above Bangkok's market-wide average rental of THB 667/sqm/month.
Photo: Mr. Surawut SukCharoensin, Chief Strategy Officer of LPN, and Mrs. Suphin Mechuchep, Managing Director of JLL, exchanging the copies of the Memorandum of Understanding regarding the appointment of JLL as the sole leasing agent for Lumpini Tower Vibhavadi Chatuchak, a Grade office development project by LPN. Also seen in the picture are Mr. Prapansak Rakchaiyawan, Managing Director of Lumpini Wisdom and Solution, and Ms. Yupa Sathienpabayut, Director - Office Leasing of JLL.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About JLL Thailand
The firm’s operation in Thailand began in 1990 and today is the country’s largest international property service provider with 1,600 employees and more than five million square metres of property and corporate facilities managed. In Euromoney Real Estate Survey 2018, JLL was voted as Thailand’s number one overall real estate advisor for the 8th consecutive year and also won top votes for agency/letting, research and valuation in the same survey. The firm was also named Thailand’s five-star winner in the commercial property consultancy and commercial real estate agency categories at the International Property Awards Asia Pacific 2019/2020. For more information, visit jll.co.th.