Microsoft Corporation has just opened its African Development Center in Lagos, Nigeria against the backdrop of its market announcement made in 2019. The centre will form part of Microsoft’s US$100 million investment for two development centres in Africa, with the other located in Nairobi. Located in Ikoyi, here’s what you need to know about Microsoft’s new office building, King’s Tower:
- With over 11,000sqm gross leasable space spread across 15 floors, and located on the corner of Glover Road and Alfred Rewane Road (formerly Kingsway Road), King’s Tower was completed in Q1:2019.
- Developed by Sky View Towers Limited, the development is part of other prominent Alfred Rewane Road office projects including Heritage Place, Alliance Place, Temple Tower, Famfa Oil Tower, Dangote Industries Headquarters and BAT Rising Sun.
- Alongside Heritage Place, King’s Tower is one of the most prominent office buildings in Lagos, with asking rents of approximately US$800/sqm/per annum.
- Its unique design, put together by SAOTA, makes it a favourite among major tech occupiers, with Microsoft occupying up to 4 floors and Facebook occupying over 4,000sqm of space in the building.
- Other notable features and amenities include favourable floor to ceiling height, availability of a gym and luxury retail amenities such as a jewelry store.
Over the past few years, lease transactions from the technology space have slowly outpaced what we have historically seen from energy companies, which used to be among the largest drivers. Notable lease transactions in recent years include Oracle’s initial 2000sqm lease in Heritage Place, Ericsson’s 3,000sqm lease in The Wings Towers, and Facebook’s 4,000sqm+ lease also within Kings Tower.
With rapid tech growth expected in Lagos, tech companies’ occupier demand is only set to intensify, as highlighted in our previous article, fuelling growth in the office sector.
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