(Jan 19): Point72 Asset Management has signed a deal to take more space for its upcoming office in The Henderson, a skyscraper in Hong Kong’s Central district, as demand from the financial sector provides relief to the city’s beleaguered office market.
The US hedge fund firm is taking a total of 85,000 sq ft (7,897 sq m) of office space across seven floors, up from about 60,000 sq ft that it previously committed to take, according to people familiar with the matter.
Point72, which is scheduled to move in May, initially intends to sublet a portion of the space, one of the people said, asking not to be named when discussing private matters.
Asset managers and other financial firms in Hong Kong have bolstered demand in the city’s high-end commercial buildings, helping push the occupancy rate at The Henderson to 90%. But the broader commercial real estate market is still struggling, with CBRE Group Inc expecting office rents to drop 3% this year.
“Premium buildings in Central with better amenities and green certificates are the type of option that can most attract tenants these days,” said Martin Wong, head of research & consultancy for Greater China at Knight Frank. “The lower rents provide an opportunity for them to occupy such space that they weren’t able to before.”
Point72 and Henderson Land declined to comment.
See also: Alibaba shares rise as China plans approval of H200 imports
The Henderson, owned by Henderson Land Development Co, has tenants including Carlyle Group Inc, Canada’s CPP Investments, Coller Capital Ltd, General Atlantic and Aeonea Ltd.
The 50-year-old developer has recently become a major supplier of new office space in Hong Kong’s traditional business district. It is marketing another upcoming project called Central Yards. The development’s first phase, which has signed Jane Street Group as a tenant, is scheduled to open in 2027 and its second phase is set to be completed in 2032.
The office vacancy rate in Central dropped to 11% in 2025 from 14% in the previous year, but the city as a whole saw a rise in vacancies, according to data from CBRE.
Uploaded by Felyx Teoh
